Refer to the information in Exercise 5-8. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, compute

(a) the cost of goods sold and

(b) the gross profit.

Data form Exercise 5-8

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