5 ! Required information Part 2 of 3 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] 0.76 points Hemming Co. reported the following current-year purchases and sales for its only product eBook Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totalls Units Acquired at Cost Units Sold at Retail 200 units @ $10 - $ 2,000 150 units @ $40 350 units @ $15 = 5,250 300 units @ $40 450 units @ $20 = 9,000 430 units @ $40 100 units @ $25 - 2,500 1,100 units $18,750 880 units be Hint Print Exercise 5-8 Specific identification LO P1 References Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up 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 Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost COGS Jan. 1 Mar 14 200 350 Beginning Inventory Purchase Purchase Purchase 450 July 30 Oct 26 100 1.100 b) Gross Margin using Specific Identification Less Equals