Refer to the information in exercise 6-7. ending inventory consist of 45 minutes from the March 14 purchase 75 units from the July 30 purchase and all 100 units from October 26 precious using the specific identification with a compute the cost of good sold

Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 purchase. 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific iden tification method, compute (a) the cost of goods sold and (b) the gross profit. (Round amounts to cents.) 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 200 units @ $10 = $ 2,000 lan 10 Sales..... 150 units @ $40 Mar. 14 Purchase 350 units @ $15 = 5,250 Mar. 15 Sales....... 300 units a $40 Purchase 450 units @ $20 = 9,000 Oct. 5 Sales.... 430 units a $40 Oct. 26 Purchase 100 units a $25 = 2,500 Totals 1,100 units $18,750 880 units July 30 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 200 units @ $10 = $ 2,000 Jan. 10 Sales... 150 units e $40 Mar. 14 Purchase 350 units @ $15 = 5.250 Mar. 15 Sales... 300 units a $40 July 30 Purchase 450 units @ $20 = 9,000 Oct. 5 Sales.... 430 units @ $40 Oct. 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18,750 880 units