Walberg Associates, antique dealers, purchased goods for $37.700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,300. Walberg Associates insured the shipment at a cost of $170. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $510. Determine the cost of inventory Cost of inventory Total cost of inventory Required Information (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 i ts sold at Retail Jan. 1 beginning inventory 215 units $18.se - $ 2.279 Jan. Sales 180 units 540,60 Mar. 14 Purchase 320 units $15.60 4,992 Mar. 15 Sales 250 units 500.60 Jolye Purchase 415 units $20. 0 8 .449 Oct. 5 Sales 400 units $18.60 Oct. 25 Purchase 115 units $25.50 Totals 1,055 units $18.254 10 units 2. Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase. 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following Costcode Sousing Specife Identification Cost of Goods Sold Ending Inventory Unit Units Ending Ending Activity Units Unit Cost coas inventory Unit Cost Inventory Cost $ 0.001 0 $ 0. 000 $ 0.00 5 Beginning inventory Purchase Purchase Purchase 0.005 0.00 Oct 20 o Martinez Company's ending inventory includes the following items. Product Units Cost per Unit 562 Market per Unit $58 112 le3 Bats Shoes Unifores Compute the lower of cost or market for ending inventory applied separately to each product. Inventory Items Units Cost Market Cost Market LCM Applied to Items $ I 58 112 103 S 0S 0