Required

Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost

of goods sold using wtd avg method

Exercise $6-9$

Specific identification

P$1$

Refer to the information in Exercise $6-8.$ Ending inventory consists of $45$ units from the March $14$ purchase,

$75$ units from the July $30$ purchase, and all $100$ units from the October $26$ purchase. Using the specific iden$-$

tification method, compute $(a)$ the cost of goods sold and $(b)$ the gross profit.