of 2 Required information 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 syles for its only product Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 230 units @ $11.20 = $ 2,576 Jan. 10 Sales 160 units @ $41.20 Mar. 14 Purchase 350 units @ $16.20 - 5,670 Mar. 15 Sales 320 units @ $41.20 July30 Purchase 430 units @ $21.20 - 9,116 Oct. 5 Sales 400 units @ $41.20 Oct.26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $20,768 880 units Return to LAICIS JUPET TUILULUI LUI. Required: Hemming uses a perpetual inventory system. Assume that ending Inventory is made up of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 130 units from the October 26 purchase. Using the specific Identification method, calculate the following Answer is not complete. a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Unit Cost Cost of Goods Sold Units Unit Sold Cost COGS Units Ending Inventory Ending Unit Ending Inventory Cost Inventory Units Cost 0 $ 11:20 5 0 Jan. 1 Beginning Inventory 230 230 $ 11.20 $ 2.576 Mar 14 Purchase 350 03 $ 16.20 0 $ $ 16.20 5,670 $ 11.20 $ 16.20 $ 21 20 $ 26.20 Purchase 430 0 $ 21.20 D 780 $ 21.20 16,536 July 30 Oct 26 Purchase 130 0 o$ 20.20 230 130$ 25,20 1,200 3,406 $ 25,612 1.140 $ 2,576 b) Gross Margin using Specific Identification Less: Equals