Required information [The following information apples 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 290 units @$13.60 Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 3,944 260 units@ $43.60 s00 units $18.60 9,300 Mar. 14 Purchase 430 units@ $43.60 Mar. 15 Sales July 30 Purchase Oct. 5 Sales 490 units $23.60 11,564 470 units @ $43.60 190 units $28.60 Oct. 26 Purchase 5,434 $30,242 1,160 units Totals 1,470 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 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 Ending Inventory Ending Inventory Cost Ending Inventory Unit Cost Units Unit Cost Units Sold Activity Units COGS Date Unit Cost Jan. 1 Beginning Inventory 290 Mar. 14 Purchase 500 Purchase July 30 490 Purchaser Oct. 26 190 1,470 b) Gross Margin using Specific ldentification Less Equals