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Required information

[The following information applies to the questions displayed below.] 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

225

units

@ $11.00

=

$

2,475

Jan.

10

Sales

150

units

@ $41.00

Mar.

14

Purchase

340

units

@ $16.00

=

5,440

Mar.

15

Sales

300

units

@ $41.00

July

30

Purchase

425

units

@ $21.00

=

8,925

Oct.

5

Sales

395

units

@ $41.00

Oct.

26

Purchase

125

units

@ $26.00

=

3,250

Totals

1,115

units

$

20,090

845

units

Required: Hemming uses a perpetual inventory system.

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

https://www.dropbox.com/s/d5c63qmcjqif1uo/2-2%20print%20screen.png?dl=0