Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	275	units	@ $13.00	=	$ 3,575
January 10	Sales						230	units	@ $43.00
March 14	Purchase	450	units	@ $18.00	=	8,100
March 15	Sales						400	units	@ $43.00
July 30	Purchase	475	units	@ $23.00	=	10,925
October 5	Sales						455	units	@ $43.00
October 26	Purchase	175	units	@ $28.00	=	4,900
	Totals	1,375	units			$ 27,500	1,085	units

Ending inventory consists of 45 units from the March 14 purchase, 70 units from the July 30 purchase, and all 175 units from the October 26 purchase. Using the specific identification method, calculate the following.

Ending inventory consists of 45 units from the March 14 purchase, 70 units from the July 30 purchase, and all 175 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 275 450 January 1 March 14 July 30 October 26 Beginning Inventory Purchase Purchase Purchase 475 175 1,375 b) Gross Margin using Specific Identification Less: Equals: