Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 200 units $10 - $ 2,000 Jan. 10 Sales 150 units & $40 Mar. 14 Purchase 350 units & $15 5,250 Mar. 15 Sales 300 units & $40 July 30 Purchase 450 units @ $20 9,000 Oct. 5 Sales 430 units & $40 Oct. 26 Purchase 100 units & $25 2,500 Totals 1,100 unita $18,750 880 units Hemming uses a periodic Inventory system. Ending Inventory consists 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 Answer is not completa. al Cost of Goods Sold using Specific Identification Available for Sale Cost Date of Activity Per units Unit Jan. 1 Beginning Inventory 200 10.00 Mar 14 Purchase 350 15.00 July 30 Purchase 450 20.00 Od. 26 Purchase 100 25.00 1.100 Cost of Goods Bold Jol Cost units Per COGS sold Unit 200 $ 10.00 $ 2,000 345 x $ 15.00 5,175 6600 x $ 20.00 132,000 0 $ 25.00 0 7,145 130.175 Ending Inventory Ending Cost Ending Inventory Per Inventory Units Unit Cost os 10.00 0 50 * $ 15.00 750 50 * $ 20.00 1,000 120 x $ 25.00 3,000 OOO 220 4,750 by Gross Margin using Specific Identification Sales $ 35,200 > a) Cost of Goods Sold using Specific Identification Available for Sale Cost # of Date Activity Per units Unit Jan. 1 Beginning Inventory 200 10.00 Mar. Purchase 14 350 15.00 July 30 Purchase 450 20.00 Od. 26 Purchase 100 25,00 1,100 Cost of Goods Sold # of Cost units Per COGS sold Unit 200 $ 10.00 $ 2,000 345 * $ 15.00 5,175 6600 * $ 20.00 132,000 0 $ 25.00 0 7,145 | 139 175 Ending Inventory Ending Cost Ending Inventory Per Inventory Units Unit Cost 0 $ 10.00 0 50 * $ 15.00 750 50 * $ 20.00 1,000 120 * $ 25.00 3,000 220 $ 4,750 b) Gross Margin using Specific Identification Sales $ 35,200 Less: Cost of goods sold 13,850 x Equals: Gross profil