hemming co reported the following current year purchases and sales for its only prod 4284317

 

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

Exercise 6-7 Perpetual: Inventory costing methods-FlFO and LIFO LO P1 IThe following information applies to the questions displayed below. Hemming Co. reported the following current-year purchases and sales for its only product. Units sold at Retail Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 100 units a $10.00 1,000 90 units $40.00 Jan. 10 Sales 250 units a $15.00 3,750 Mar. 14 Purchase 140 units $40.00 Mar. 15 Sales 400 units a $20.00 8,000 July 30 Purchase Oct. 5 Sales 300 units $40.00 600 units a $25.00 15,000 Oct. 26 Purchase Totals 1,350 units $27750 530 units Required Hemming uses a perpetual inventory system.