Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 270 units @ $12.80 - $ 3,456 220 units @ $42. 80 400 units @ $17.80 = 7, 120 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 340 units @ $42.80 470 units @ $22. 80 10, 716 440 units @ $42. 80 170 units @ $27.80 1, 310 units 4, 726 $26,018 1,000 units Exercise 5-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 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 Unit Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Date Activity Units Sold Units Unit Cost COGS Cost Cost Jan. 1 270 Beginning Inventory Purchase 400 Mar. 14 July 30 Oct. 26 Purchase 470 Purchase 170 1,310 b) Gross Margin using Specific Identification Less: Equals