Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals 295 units Units Acquired at Cost @$13.80 = Units Sold at Retail $ 4,071 240 units @ $43.80 480 units @$18.89 = 495 units 195 units 1, 465 units @ $23.80 = @ $28.80 = 9, 024 11, 781 420 units @ $43.80 465 units @$43.80 5,616 $ 30,492 1,125 units 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 Cost of Goods Sold Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 295 March 14 Purchase 480 July 30 Purchase 495 October 26 Purchase 195 1,465 b) Gross Margin using Specific Identification Less: Equals: