7 2 of 2 $10 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 Activities Units Acquired at Cost Units Solat Sanuary 1 Beginning inventory 200 units $ 2,080 January 10 Sales 150 units March 14 Purchase 350 units $15 5,250 March 15 Sales 388 units July 3e Purchase 450 units $20 9,260 October 5 Sales 430 units October 26 Purchase 100 units $25 2.500 Totals 1. lee units $18.750 880 units 540 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 Cost Per Activity #of units Unit January 1 Beginning Inventory 200 5.040.00 March 14 Purchase 350 $ 15.00 July 30 Purchase 450 $ 20.00 October 26 Purchase 1001 $ 25.00 1,100 Cost of Goods Sold Ending inventory of Ending Cost Per units Ending COGS Cost Per Inventory Unit sold Inventory Unit Units Cont 200) $10.00 $ 2,000 0 $ 10.00 $ 0 $ 15.00 4,575 45 $ 15.00 675 375 $ 20.00 7.500 75) $ 20.00 1,500 0 $ 25.00 0 1001 $ 25.00 2.500 880 $ 14,075 220 $ 4,675 305 b) Gross Margin using Specific Identification Sales Next > 7 of 8