Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 260 units @ $12.40 = $ 3,224 January 10 Sales 215 units @ $42.40 March 14 Purchase 420 units @ $17.40 = 7,308 March 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 = 10,304 October 5 Sales 425 units @ $42.40 October 26 Purchase 160 units @ $27.40 = 4,384 Totals 1,300 units $ 25,220 1,020 units

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