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

Hemming Co. reported the following current-year purchases and sales data for its only product.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jan.

1

Beginning inventory

180

units

@ $13.20

=

$

2,376

Jan.

10

Sales

170

units

@ $43.20

Mar.

14

Purchase

330

units

@ $18.20

=

6,006

Mar.

15

Sales

220

units

@ $43.20

July

30

Purchase

480

units

@ $23.20

=

11,136

Oct.

5

Sales

220

units

@ $43.20

Oct.

26

Purchase

680

units

@ $28.20

=

19,176

Totals

1,670

units

$

38,694

610

units

Hemming uses a perpetual inventory system.

24.

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