Date Required information [The following information applies to the questions displayed below) Hemming Co, reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cont Units Sold at Retail Jan. 1 Beginning inventory 210 units @ $10.40 - $ 2,184 Jan. 10 Salon 170 units $40.40 Mar. 14 Purchase 310 units $15.40 - 4,774 Mar. 15 Sales 270 units $40.40 July 30 Purchase 410 units $20.40 - 8,364 Oct. 5 Sales 380 units @ $40.40 Oct. 26 Purchase 110 units @ $23.40 - 2,794 Totals 1,040 units $18, 116 820 units Required: Hemming uses a perpetual inventory system Assume that ending Inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 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 Activity Units Unit Cost Cost of Goort sold Ending Inventory Units Ending Ending COGS Sold Unit Cost Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 $ 0.00 $ 0 Jan 1 Beginning Inventory 210 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 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 Activity Units Unit Cost Jan 1 210 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 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0 0 $ 0 Beginning Inventory Purchase Purchase Purchase Mar. 14 July 30 Oct 26 310 410 110 1,040 b) Gross Margin using Specific Identification Les Equals