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.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

280

units

@ $13.20

=

$

3,696

Jan.

10

Sales

240

units

@ $43.20

Mar.

14

Purchase

460

units

@ $18.20

=

8,372

Mar.

15

Sales

410

units

@ $43.20

July

30

Purchase

480

units

@ $23.20

=

11,136

Oct.

5

Sales

450

units

@ $43.20

Oct.

26

Purchase

180

units

@ $28.20

=

5,076

Totals

1,400

units

$

28,280

1,100

units

Exercise 5-9A Periodic: Inventory costing system LO P3