4 Part 2 of 2 2 points eBook Hint Print Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 235 units @ $11.40 Units Sold at Retail = $ 2,679 170 units @ $41.40 360 units 435 units 135 units 1,165 units @ $16.40 = @ $21.40 = @ $26.40 5,904 290 units @ $41.40 9,309 410 units @ $41.40 3,564 $ 21,456 870 units Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification References Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per # of units Unit sold Cost Per COGS Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 235 March 14 Purchase 360 July 30 Purchase 435 October 26 Purchase 135 1,165 b) Gross Margin using Specific Identification Less: Equals: