Hemming Co. reported the following current-year purchases and sales for its only product.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

200

units

@ $10

=

$

2,000

Jan.

10

Sales

150

units

@ $40

Mar.

14

Purchase

350

units

@ $15

=

5,250

Mar.

15

Sales

300

units

@ $40

July

30

Purchase

450

units

@ $20

=

9,000

Oct.

5

Sales

430

units

@ $40

Oct.

26

Purchase

100

units

@ $25

=

2,500

Totals

1,100

units

$

18,750

880

units

Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

#of units Cost per unit # of units sold Cost per unit Cost of Goods Sold cost per unit Inventory Balance Date # of units January 1 January 10 March 14 200|@| $ 10.00!= | $2.000.00 50 10.00 500.00 50|@| $ 10.00!= | $ 500.00 350| @ | $ 15.00| = | 5.250.00 $5,750.00 150| @ $10.00| = | $1.500.00 350| @ $15.00 March 15 50| @| $10.00 | = | $ 500.00 3,750.00 $ 4,250.00 @| $ 10.00!= 100 15.00$1,500.00 $1,500.00 250 15.00 July 30 450 20.00 $10.00 100 15.001,500.00 450| @ | $20.00! = | 9,000.00 10,500.00 @ $10.00 @ $15.00 @| $10.00|=| $ 0.00 1,500.00 330| @| $20.00! = | 6,600.00 $ 8,100.00 October5 10015.00 120 $ 20.002,400.00 $2,400.00 $10.00 15.00 October 26 120 $20.002,400.00 2,500.00 $4,900.00 100$25.00 Totals 13,850.00