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Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 270 units @ $12.80 = $ 3,456 220 units @ $42.80 400 units @ $17.80+ 7, 120 Date Activities Jan. 1 Beginning inventory Jan. 16 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 340 units @ $42.80 470 units @ $22.80 = 10, 716 440 units @ $42.80 178 units @ $27.80 = 4,726 1, 318 units $26, 018 1,000 units Exercise 6-8 Specific identification LO P1 6-6 Periodic: Income effects of inventory methods LO A1 6-5A Periodic: Inventory costing LO P3 : Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 units from the October 26 purchase. Using the specific identification method, calculate the following Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 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. 1 270 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost Sold COGS Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 $ 0.00 $ 0 S 0.00 0 S 0.00 0 $ 0.00 0 $ 0.00 0 0.00 0 $ 0.00 0 $ 0 0 0 Beginning Inventory Purchase Purchase Mar 14 July 30 Oct 26 400 470 Purchase . 170 1,310 b) Gross Margin using Specific Identification Less: Equals