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

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

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Date      Activities              Units Acquired at Cost   Units Sold at Retail

                Jan.        1                              Beginning inventory                       130         units      @ $11.20              =             $              1,456                                                                        

                Jan.        10                           Sales                                                                                                                                      120         units      @ $41.20    

                Mar.      14                           Purchase                             280         units      @ $16.20              =                             4,536                                                                        

                Mar.      15                           Sales                                                                                                                                      170         units      @ $41.20    

                July        30                           Purchase                             430         units      @ $21.20              =                             9,116                                                                        

                Oct.        5                              Sales                                                                                                                                      270         units      @ $41.20    

                Oct.        26                           Purchase                             630         units      @ $26.20              =                             16,506                                                                      

                                                                Totals                    1,470     units                                      $              31,614                   560         units        

Required:

Hemming uses a periodic inventory system. Assume that ending inventory consists of 120 units from the March 14 purchase, 160 units from the July 30 purchase, and all 630 units from the October 26 purchase. Using the specific identification method, compute the following.

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