! Required information [The following information applies to the questions displayed below] Hemming Company reported the following current-year purchases and sales for its only product. Date Units Acquired at Cost 200 units @ $10 Units Sold at Retail $ 2,000 January 1 January 10 March 14 March 15 July 30 October 5 October 26 350 units 150 units @ $40 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals @ $15 5,250 450 units 300 units @ $40 @ $20 = 9,000 430 units @ $40 100 units 1,100 units @ $25 2,500 $ 18,750 880 units 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 identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity # of units Cost Per Unit Cost of Goods Sold # of units Cost Per Unit COGS sold Ending Inventory Ending Cost Per Ending Inventory Inventory Units Unit Cost January 1 March 14 200 350 Beginning Inventory Purchase Purchase Purchase July 30 October 26 450 100 1,100 300 units @ $40 March 15 July 30 October 5 October 26 450 units @ $20 9,000 Sales Purchase Sales Purchase Totals 439 units @ $40 @ $25 100 units 1,100 units 2,500 $ 18,750 880 units 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 identification method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Date Activity Cost of Goods Sold # of units Cost Per COGS Unit sold # of units Cost Per Ending Inventory Ending Ending Cost Per Inventory Inventory Unit Units Cost Unit 200 Beginning Inventory Purchase January 1 March 14 July 30 October 26 350 Purchase Purchase 450 100 1,100 b) Gross Margin using Specific Identification Less Equals