Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Sold at Retail 90 units $40.00 140 units $40.00 300 units@ $40.00 Activities Units Acquired at Cost 100 units @ $10.00 = $ 1,000 250 units @ $15.003,750 400 units @ $20.00 = 8,000 600 units @ $25.00 = 15,000 Totals 1,350 units $27,750 530 units