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

295

units

@ $13.80

=

$

4,071

Jan.

10

Sales

240

units

@ $43.80

Mar.

14

Purchase

480

units

@ $18.80

=

9,024

Mar.

15

Sales

420

units

@ $43.80

July

30

Purchase

495

units

@ $23.80

=

11,781

Oct.

5

Sales

465

units

@ $43.80

Oct.

26

Purchase

195

units

@ $28.80

=

5,616

Totals

1,465

units

$

30,492

1,125

units

Hemming uses a periodic inventory system. Ending inventory consists of 60 units from the March 14 purchase, 85 units from the July 30 purchase, and all 195 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
Date	Activity	# of units	Cost Per Unit	# of units sold	Cost Per Unit	COGS	Ending Inventory Units	Cost Per Unit	Ending Inventory Cost
Jan. 1	Beginning Inventory	295			$0.00	$0		$0.00	$0
Mar. 14	Purchase	480			$0.00	0		$0.00	0
July 30	Purchase	495			$0.00	0		$0.00	0
Oct. 26	Purchase	195			$0.00	0		$0.00	0
		1,465		0		$0	0		$0
b) Gross Margin using Specific Identification
Less:
Equals: