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Required information

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Hemming Company reported the following current$-$year purchases and sales for its only product.

Ending inventory consists of $50$ units from the March $14$ purchase, $80$ units from the July $30$ purchase, and all $155$ units from the October $26$ purchase. Using the specific identification method, calculate the following.

a$)$ Cost of Goods Sold using Specific Identification

b$)$ Gross Margin using Specific Identification

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