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

a) Periodic FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods Cost per # of units unit Available for Sale 200 10.00 $ 2,000 # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory 0 Cost per unit Ending Inventory 200 $ 10.00 $ 2,000 5.250 0 Beginning inventory Purchases: March 14 July 30 October 26 Total 350 $ 15.00 450 20.00 100 25.00 5,250 9,000 0 x 350 $ 15.00 450 X $ 20.00 100 X $ 25.00 1,100 2,500 18,750 9,000 2,500 $ 18,750 0 % 0 1,100 0 b) Periodic LIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale Cost # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory per unit Ending Inventory 200 $ 10.00 $ 2,000 50 X $ 10.00 $ 500 50 X 10.00 $ 500 Beginning inventory Purchases: March 14 350 $ 15.00 5.250 350 X $ 15.00 5,250 50 X 750 15.00 July 30 October 26 450 100 $ 20.00 $ 25.00 9,000 2.500 450 $ 20.00 100 $ 25.00 9,000 2.500 0 0 Total 1,100 $ 18.750 950 17.250 100 $ 1,250 FIFO LIFO 35,200 $ 35,200 c) Gross Profit Sales Merchandise inventory Gross profit X 1 21,350 $ 20,600 X