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

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

165

units

@ $12.60

=

$

2,079

Jan.

10

Sales

155

units

@ $42.60

Mar.

14

Purchase

315

units

@ $17.60

=

5,544

Mar.

15

Sales

205

units

@ $42.60

July

30

Purchase

465

units

@ $22.60

=

10,509

Oct.

5

Sales

235

units

@ $42.60

Oct.

26

Purchase

665

units

@ $27.60

=

18,354

Totals

1,610

units

$

36,486

595

units