Hemming Co. reported the following current-year purchases and sales for its only product Units Sold at Retail1 Date Activities Units Acquired at Cost 300 units $14.00 = $ 4,200 Jan. 1 Beginning inventory 250 units @ $44.00 Jan. 10 Sales 520 units $19.00 Mar.14 Purchase 9,880 = 460 units $44.00 Mar.15 Sales 500 units $24.00 July 30 Purchase Oct. 5 Sales 12,000 480 units@ $44.00 200 units $29.00 Oct.26 Purchase 5,800 = Totals $31,888 1,190 units 1,520 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up 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 Ending Inventory Cost Ending Inventory Unit Cost Units Unit Units Activity COGS Date Units Unit Cost Sold Cost Jan. 1 Beginning Inventory 300 0.00 $ 0.00 0 Purchase $ Mar. 14 520 0.00 C 0.00 0 July 30 Purchase 500 0.00 0,00 S $ Purchase Oct. 26 200 $ 0.00 0.00 0 1,520 S 0 0 0 b) Gross Margin using Specific Identification Less: Equals