5 0.75 points 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 Activities Beginning inventory Sales Purchase Sales Purchase Sales July 30 October 5 October 26 Purchase Totals Units Acquired at Cost 225 units $11.00 - Units Sold at Retail $ 2,475 150 units $41.08 340 units $16.00- 5,440 380 units $41.08 425 units $21.08- 8,925 395 units $41.08 125 units 1,115 units $26.00 = 3,250 $ 20,090 845 units Hemming uses a periodic inventory system. Ending inventory consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase. Using the specific identification method, calculate the following. Answer is complete but not entirely correct. a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity January 1 Beginning Inventory March 14 Purchase July 30 Purchase October 26 Purchase b) Gross Margin using Specific Identification Sales Less: Cost of goods sold Equals: Gross profit Cost of Goods Sold Cost # of Cost Per # of units Per units COGS Unit Unit sold Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost 225 S 11.00 150 $ 11.00 S 1,650 $ 11.00 $ 0 340 $ 16.00 300 $ 16.00 4,800 75 x $ 15.00 1,200 425 $ 21.00 395 $ 21.00 8,295 40 $ 21.00 840 125 $ 26.00 $ 26.00 0 30 $ 25.00 780 1.115 845 $ 14,745 145 $ 2,820 $ 34,645 (14,745) $19,900