Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 220 units @ $19.80 - $ 2,376 Units Sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 38 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 190 units @ $40.89 330 units @ $15.80 5,214 420 units @ $20.80 280 units @ $40.80 8,736 390 units @ $40.80 120 units @ $25.80 1,090 units 3,896 $19,422 860 units Required: Hemming uses a perpetual inventory system. Assume that ending Inventory is made up of 40 units from the March 14 purch units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 S 0.00 $ 0 0 S 0.00 0 220 S S Beginning Inventory Purchase 0.00 0.00 330 $ Jan. 1 Mar. 14 July 30 Oct 26 Purchase 420 S 0.00 0 s 0.00 0 120 $ Purchase 0.00 0 S 0 0.00 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purcha units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, cal- following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan 1 220 $ 0.00 $ Beginning Inventory Purchase Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 $ 0.00 $ 0 0 $ 0.00 0 0 $ 0.00 0 0 s 0.00 0 0 0 $ 0 330 $ 0.00 Mar. 14 July 30 Oct 26 Purchase 420 $ 0.00 Purchase un 0.00 120 1,090 0 $ OL b) Gross Margin using Specific Identification Less Equals