Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 units from the October 26 purchase. Using the specific identification method, calculate the following.

Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 430 units @ $17.60 465 units @ $22.60 = = 7,568 10,509 370 units @ $42.60 440 units @ $42.60 = 165 units @ $27.60 1,325 units 4,554 $25,970 1,035 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 units from the October 26 purchase. Using the specific identification method, calculate the following. Units a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Ending Ending Date Activity Units Cost Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost Jan. 1 Beginning Inventory 265 $ 0.00 $ $ 0.00 $ Mar. 14 Purchase 430 $ 0.00 $ 0.00 July 30 Purchase 465 $ 0.00 $ 0.00 Oct. 26 Purchase 165 $ 0. 00 0 $ 0.00 1, 3250 $ 00$ b) Gross Margin using Specific Identification Less: Equals