Date Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Required at cout Units old at Retail Jan. 1 Beginning inventory 245 units $11.80 - $ 2,891 Jan. 10 Sales 190 unto $41.80 Mar. 14 Purchase 390 units $16.80 - 6,552 Mar. 15 Sales 350 units $41.80 July 30 Purchase 445 units $21.80 - 9,701 Oct. 5 Salon 430 units $41.80 Oct. 26 Purchase 145 units $26.10- 3,886 Totale 1,225 unita $23,030 970 units Required: Hemming uses a periodic inventory system. Assume that ending Inventory is consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 145 units from the October 26 purchase. Using the specific identification method, calculate the() the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the cost of goods sold. a) Cost of Goods sold using Specific Identification Available for Sale Date Activity Units Unit Cost Jan. 1 245 390 Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 $ 0.00 $ $ 0.00 0 $ 0.00 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0 0 $ Beginning Inventory Purchase Purchase Purchase Mar. 14 July 30 Oct. 26 Oo o 445 145 $ $ 1.225 OO Case Gross Profit > Cost of Goods Sold Gross Profit Calculate the gross profit. b) Gross Margin using Specific Identification Less: Equals: