Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail 160 units$41.20 320 units$41.20 400 units$41.20 Date Activities Units Acquired at Cost an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 230 units$11.20$ 2,576 350 units$16.205,670 430 units $21.20-9,116 130 units $26.20 3,406 Totals 1,140 units $20,768 880 units Exercise 5-8 Specific identification LO P1 Required Hemming uses a periodic inventory system. Assume that ending inventory is consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 130 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below Cost of Goods Gross Profit Sold Calculate the cost of goods sold a) Cost of Goods sold using Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Unit Units Unit Cost Cost Date Activity Units Sold COGS Inventory Unit Cost Inventory Units Cost Jan. 1 Mar. 14Purchase July 30Purchase Oct. 26Purchase 230 350 430 130 1 140 Beginning Inventory