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Exercise 6-7 Perpetual: Inventory costing methods-FlFO and LIFO LO P1 IThe following information applies to the questions displayed below.j Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost Units Sold at Retail Date Activities Jan. 1 Beginning inventory 115 units a $10.60 1,219 105 units $40.60 Jan. 10 Sales 265 units $15.60 Mar. 14 Purchase 4134 155 units $40.60 Mar. 15 Sales units $20.60 July 30 Purchase 415 8.549 Oct. 5 Sales 285 units $40.60 units $25.60 Oct. 26 Purchase 615 15,744 1,410 units $29,646 545 units Totals Required: Hemming uses a perpetual inventory system