! Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Units Acquired at Cost 280 units @ $13.20 = $ 3,696 Units Sold at Retail 240 units @ $13.20 160 units @ $18.20 8,372 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 410 hits @ $43.20 480 units @ $23.20 11,136 450 units @ $43.20 180 units @ $28.20 1,400 units 5,076 $28,280 1,100 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 180 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 Date Activity Unit Cost Units Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Units Unit Cost COGS Sold Jan 1 Beginning Inventory 280 Mar 14 Purchase 460 Purchase 480 July 30 Oct 26 Purchase 180 1.400 b) Gross Margin using Specific Identification Less Equals Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units cost per Unit 38 $.60 31 78 52 97 56 42 Market per Unit $ 56 84 101 42 ts eBook Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total Hint Inventory Items Units Cost Market Cost Market LCM Applied to Items Helmets 38 $ 60 $ 56 Print Bats 31 78 84 52 97 101 Shoes Uniforms erences 56 42 42