Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,80 150 units @ $40 350 units @ $15 5,250 300 units @ $40 Date Activities ban. 1 Beginning inventory Jan. 18 Sales Mar.14 Purchase Mar. 15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase Totals 459 units @ $20 9,800 430 units @ $40 @ $25 190 units 1,180 units 2,500 $18,750 880 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 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 oods Sold Unit Cost Units Sold Units Activity Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 2.000 $ 10.00 S COGS Unit Cost Date 200 0 S $ 10.00 Jan 1 $ 15.00 0 350 S 15.00 Beginning Inventory Purchase Purchase Purchase 120 2.400 Mar 14 July 30 Oct 28 450 $ 20.00 200 S 10.00 350 $ 15.00 450 $ 20.00 100 $ 25,00 1.100 5,250 9,000 2,500 $ 18,750 $ 20.00 $ 25.00 0 S 25.00 100 1100 120 $ 2.400 b) Gross Margin using Specific identification Less: Equals