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7 Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 = $ 2,279 180 units @ $40.60 Part 2 of 2 320 units @ $15.60 4,992 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 260 units @ $40.68 415 units @ $20.60 8,549 400 units @ $40.60 2.5 points 115 units @ $25.60 = 1,265 units 2,944 $18,764 840 units eBook 100 Requlred: Hemming uses a perpetual Inventory system. Assume that ending Inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following Hint Print a) Cost of Goods Sold using Specific Identification Available for Sale References Date Activity Units Unit Cost Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 215 $ 10.60 320 $ 15.60 415 $ 20.00 Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost 215 $ 10.60 2.270 s 10.60 s $ 15.60 0 $ 15.60 0 0 $ 20.60 $ 20.00 0 $ 25.80 0 $ 25.60 0 215 s $ 2.279 s 0 115 $ 25.60 1.065 b) Gross Margin using Specific Identification Less