Hemming Co. reported the following current-year purchases and sales for its only product. tivitiesUnits Acquired at CostUnits Sold at Retail eginning Date Units Acquired at Cost Units Sold at Retail 21sunits $13.00 Jan. -inventory Jan.10 Sales Mar Mar 15 Sales July30@ Oct. 5 Sales oct- 230, unit 43,001 450unit $18.00 urchase 40 unit $43.00 475unit $23.00 0,925 urchase 455 unit43.00 175units $28.00 4, 900 ,375unit 7,500 ,085unit Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 70 units from the July 30 purchase, and all 175 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Cost of Goods Sold Ending Inventory Available for Sale Ending Ending Unit Units Sold Unit Cost COGS Inventory Unit Cost Inventory Units Date Activity Units Cost Cost Jan. 1 Beginning Inventory Mar. 14 Purchase July 30 Purchase Oct. 28 Purchase 275 450 475 175 1.375 b) Gross Margin using Specific Identification Less Equais