it has two requirements - FIFO and LIFO

Required information Use the following information for the Exercises below. The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 210 units @ $10.40 - $2,184 Units Sold at Retail 178 units @ $40.40 310 units $15.40 4 ,774 Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15. Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totols 270 units @ $40.40 410 units @ $20.40 8 ,364 388 units @ $40.40 110 units $25.40 1 22.794 $18, 116 1,040 units 820 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Prev 1 of 1 ! Next Required information Goods Purchased of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of unitsos Cost per Inventory unit Balance 210 @ $ 10.40 = 2,184.00 January 1 January 10 March 14 March 15 July 30 October 5 HA 5 Ex 5-/ Saved Help Required information July 30 Sook Hint October 5 rences October 26 Totals Required 2 > Prev 1 of 1 l Next Required information Perpetual LIFO: Date Goods Purchased Cost of Goods Sold # of Cost perlof units Cost per Cost of Goods units unit sold unit Sold Inventory Balance of units Cost per Inventory unit Balance 210 @ $ 10.40 = $ 2.184.00 January 1 January 10 March 14 March 15 July 30 October 5