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 LIFO.

Perpetual LIFO Goods Purchasec Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold tof units cost per Inventory unit Date Balance January 1 January 10 March 14 200|@| $10.00| = | $2,000.00 sol @| $10.00| =| $ 500.00 50| @ | $ 10.00|=| $ 500.00 35015.005,250.00 $5,750.00 0.001,500.00 350@S 15.00 March 15 @| $10.00 =| $ 0.00 a 15.00- @ | $ 10.001 = @ | $ 15.00| = 0.00 July 30 October5 October 26 Totals $ 1,500.00