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Hemming Co. reported the following current-year purchases and sales for its only product. Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 35 units $11.40$ 1,539 285 units$16.404,674 435 units $21.40 9,309 635 units$26.40 Units Sold at Retail 25 units $41.40 175 units $41.40 265 units $41.40 Totals 1,490 units 32,286 565 units Hemming uses a periodic inventory system

2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods | # of units | Cos units Cost # of Cost perAvailable for Ending t per Cost of # of units unit sold Sale inventory r unit Inventory Beginning inventory Purchases March 14 July 30 October 26 Total 0 0.00 0.00 $ 0.00

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Answer #1
Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units cost per unit Cost of Goods Available for Sale # of units cost per unit Cost of Goods Sold # of units cost per unit Ending Inventory
Beginning Inventory            135 $11.40 $1,539 $11.40 135 $11.40 $1,539
Purchases:
March 14            285 $16.40 $4,674 $16.40 285 $16.40 $4,674
July 30            435 $21.40 $9,309 $21.40 435 $21.40 $9,309
October 26            635 $26.40 $16,764         565 $26.40 $14,916 70 $26.40 $1,848
Total         1,490 $32,286         565 $14,916 925 $17,370
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