Question: (1) Prepare the attached chart 1 using the specific identification method. For the March 15 sale, assume that all 300 units came from the March

(1) Prepare the attached chart 1 using the specific identification method. For the March 15 sale, assume that all 300 units came from the March 14 purchase. For the October5 sale, assume that 40 units came from beginning inventory, 30 came from the March 14 purchase, and the rest from the July 30 purchase. (2) Prepare the attached chart 2 using the FIFO cost flow assumption. wowy Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFOP Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 150 units Date Activities Units Acquired at Cost Jan. 1 lleginning lovestory200 units 810 - 3,000 Jan 10 Sales Mar. 14 h 350 min 2 *-5,250 Mar. 16 Sales July 30 Purchase 450 units & 820 - 2.000 Oct Sales Oct 26 Purchase 300 units te $25 - 2.500 Totals L.100 tis 100 units 810 450 units $40 No units Page 246 Required

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