Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit.

Required information The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Activities Date Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Units Acquired at Cost 285 units@$13.40- 3,819 470 units@$18.408,648 485 units$23.4011,349 185 units $28.40 ,254 Units Sold at Retail 250 units $43.40 400 unitse $43.40 460 units $43.40 Totals 1.425 units $29,070 1,110 units Required Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the cost of goods sold a) Cost of Goods sold using Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Ending Unit Cost Units Sold Ending Unit Cost COGS Inventory Unit Cost Inventory Units Date Activity Units Cost 285 470 485 185 1.425 an 1 Beginning Inventory Mar. 14 Purchase uly 30 Purchase Oct 26 Purchase Cost of Goods Sold Gross Profit > Complete this question by entering your answers in the tabs below. Cost of Goods Gross Profit Sold Calculate the gross profit b) Gross Margin using Specific Identification Less Equals Cost of Goods Sold Gross Profit>