Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Units Acquired at Cost @ $10 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase @ $15 @ $20 @ $25 Totals March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from October 26 purchase. Using the specific identification method, calculate the following. # of units b) Gross Margin using Specific Identification 200 units 350 units 450 units 100 units 1,100 units Cost Per Unit 200 $ 10.00 350 $15.00 450 $20.00 100 $ 25.00 1,100 = # of units sold = Cost of Goods Sold Cost Per Unit 0 $ 2,000 5,250 9,000 2,500 $ 18,750 COGS $ 10.00 $ $15.00 $ 20.00 $ 25.00 $ 0 0 Units Sold at Retail 150 units @ $40 300 units @ $40 430 units. @ $40 0 0 0 880 units Ending Inventory Units Ending Inventory Cost Per Unit 0 Ending Inventory Cost: $10.00 $ $15.00 $ 20.00 $ 25.00 $ 0 0 0 0 0