LITUIUTYUuuun uppi Luwr yuwuwur iupiuywu wurur. Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail @ Jan. 1 Beginning inventory 250 units $12.00-$ 3,000 @ Jan.10 Sales 200 units $42.00 @ Mar.14 Purchase 400 units $17.00 6,800 Mar.15 Sales @ 360 units $42.00 @ July30 Purchase 450 units $22.00 9,900 Oct. 5 Sales @ 420 units $42.00 @ 150 units $27.00 4,050 1,250 units $23,750 980 units Oct.26 Purchase Totals Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 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 Dato Activity Units Unit Cost Jan. 1 Beginning Inventory Purchase Purchase Purchase Mar. 14 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Sold Inventory Unit Cost Inventory + Units Cost $ 12.00 $ 0 $ 12.00 $ 0 355 $17.00 6,035 45 $ 17.00 765 $ 22.00 8.250 75 $ 22.00 1,650 o $ 27.00 150 $ 27.00 4,050 730 $ 14,285 270 s 6,465 3 July 30 250 $ 12.00 400 s 17.00 $ 22.00 150 $ 27.00 1.250 450 Oct 28 b) Gross Margin using Specific Identification Sales $41,160 Less Cost of goods sold (17285) Equals: Gross margin $23.875