hment es Saved Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales July 30 October 5 October 26 Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 220 units @$10.80= $2,376 190 units @$40.80 330 units @$15.80- 5,214 280 units @ $40.80 420 units @$20.80 - 8,736 390 units @$40.80 120 units 1,090 units $25.80- 3,096 $19,422 860 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 120 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 Cost Per sold COGS Unit Ending Inventory Cost Per Unit Ending Inventory Units Cost January 1 Beginning Inventory 220 $ 10.80 220 5 10.80 $ 2,376 S 10.80 $ March 14 Purchase 330 $ 15.80 190 S 15.80 3,002 $ 15.80 0 July 30 Purchase 420 $ 20.80 280 $ 20.80 5,824 $ 20.80 October 26 Purchase 120 $ 25 80 290 S 25.80 7,482 $ 25.80 1,090 900 S 18,684 0 b) Gross Margin using Specific Identification Less Equals < Prev 14 68 of 14 Mayt