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

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Accounting

[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.

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