O 8 Required information [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 280 units $13.20 - $ 3,696 Jan. 10 Sales 240 units $43.20 Mar.14 Purchase 460 units $18.20 - 8,372 Mar.15 Sales 410 units @ $43.20 July 30 Purchase 480 units e $23.20 - 11,136 Oct. 5 Sales 450 units e $43.20 Oct. 26 Purehase 180 units $28.20 - 5,076 Totals 1,400 units $28,280 1,100 units 1 at ences Required: Hemming uses a perpetual inventory system. Assume that ending invetory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 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 Units Unit Cost Sold COGS Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Date Activity Units Unit Cost Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification m following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Date Activity Units Unit Cost Units Sold COGS Unit Cost 280 460 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 480 int 180 rences 1,400 b) Gross Margin using Specific Identification Less: Equals: Mc Graw