Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 300 units @ $14.00 = $ 4,200 250 units @ $44.00 520 units @ $19.00 = 9,880 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 460 units @ $44.00 500 units @ $24.00 12,000 480 units @ $44.00 200 units @ $29.00 1,520 units 5,800 $31,880 1,190 units Exercise 5-9 (Algo) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 200 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 $ 14.00 $ 0 $ 14.00 $ 0 300 $ 520 $ 14.00 19.00 19.00 0 $ 19.00 0 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 500 $ 24.00 $ 24.00 0 $ 0 24.00 29.00 200 $ 29.00 $ 29.00 0 $ 0 1,520 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less Equals