3 Check my world Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory Units Acquired at Cost Units Sold at Retail 200 units January 10 Sales @ $10 $ 2.000 March 14 Purchase 150 units 540 350 units March 15 Sales @ $15 5.250 300 units July 30 Purchase 450 units @ $20 9,000 October 5 Sales 430 units @ 540 October 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $ 18,750 880 units @ $40 Exercise 5-9 (Static) Specific identification LO P1 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, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity # of units Cost Per Unit 0 January 1 March 14 July 30 October 26 Beginning Inventory Purchase Purchase Purchase 200 $ 10.00 350 450 0 Cost of Goods Sold Ending Inventory # of Ending Cost Por units Ending Cost Per COGS Unit Inventory sold Inventory Unit Units Cost 200 $ 10.00 $ 2,000 $ 10.00 $ $ 0.00 0 $ 0.00 $ 0.00 0 $ 0,00 $ 0.00 0 $ 0.00 200 2,000 0 $ ooooo 100 $ 1,100 $ b) Gross Margin using Specific Identification Less: Equals: 8