! 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 Sold at Retail Units Acquired at Cost 295 units @ $13.80 $ 4,071 240 units @ $43.80 480 units @ $18.80 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 420 units @ $43.80 495 units @ $23.80 11,781 465 units @ $43.80 195 units @ $28.80 1,465 units 5,616 $30,492 Totals 1,125 units Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 60 units from the March 14 purchase, 85 units from the July 30 purchase, and all 195 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the cost of goods sold. a) Cost of Goods sold using Specific Identification Available for Sale Cost of Goods Sold Date Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 Beginning Inventory 295 Mar. 14 Purchase 480 July 30 Purchase 495 Oct. 26 Purchase 195 1,465 Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the gross profit. b) Gross Margin using Specific Identification Less: Equals: