Activities Beginning Inventory Sales Hemming Company reported the following current-year purchases and sales for its only product. Date January 11 January 101 250 units Units Acquired at Cost $12.00 Units Sold at Retail $ 3,000 200 units @$42.00 March 14 March 15 July 30 Sales Purchase 400 units $17.00- 6,800 360 units @ $42.00 October 5 Purchase Sales 450 units $22.00 9,900 420 units $42.00 October 26 Purchase Totals 150 units 1,250 units @ $27.00 4,050 $ 23,750 980 units Exercise 5-9 (Algo) Specific Identification LO P1 Hemming uses a periodic Inventory system. Ending Inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 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 Ending Inventory: Date Activity # of units Cost Per Unit #of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 March 14 July 30 Beginning Inventory 250 Purchase 400 Purchase 450 October 25 Purchase 150 1,250 b) Gross Margin using Specific Identification Less Equals