Exercise 6-7 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 DateActivities Jan. 1 Beginning inventory 145 units $11.80 Jan. 10 Sales Mar 14 Purchase Mar. 15 Sales July 30 Purchase Oct 5 Sales Oct 26 Purchase Units Acquired at Cost 1,711 295 units @ $16.80 = 4.956 445 unlts $21.80 9.701 645 units @ $26.8017.286 Units Sold at Retail 135 units $41.80 185 units $41.80 255 unlts $41.80 Totals 1.530 units $33,654 575 units Required: Hemming uses a perpetual inventory system