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Use the following information for the Exercises below. The following information applies to the questions displayed below) 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 270 units @ $12.80 = $3,456 Jan. 10 Sales 220 units $42.80 Mar. 14 Purchase 400 units $17.80 = 7, 120 Mar. 15 Sales 346 units $42.80 July 30 Purchase 470 units @ 22.80 = 10, 716 Oct. 5 Sales 440 units @ $42.80 Oct. 26 Purchase 170 units @ $27.80 = 4,726 Totals 1,310 units $26, 018 1,000 units Exercise 6-8 Specific identification LO P16-6 Periodic: Income effects of Inventory methods LO A16-5A Periodic: Inventory costing LO P3 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 units from the October 26 purchase. Using the specific identification method, calculate the following Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 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 Date Activity Unit Cost Units Units Sold Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Unit Cost COGS Beginning Inventory Purchase 270 400 Jan. 1 Mar. 14 July 30 Oct. 26 470 Purchase Purchase 170 1.310 b) Gross Margin using Specific identification Less: Equals