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 205 units @ $10.20 = $ 2,091 Units Sold at Retail 160 units @ $40.20 300 units @ $15.20 = 4,560 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 250 units @ $40.20 400 units @ $20.20 = 8,080 375 units @ $40.20 105 units @ $25.20 1,010 units 2,646 $17, 377 785 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 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 Units Unit Cost Jan. 1 Beginning Inventory Purchase 205 $ 10.20 300 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Inventory Unit Cost Sold Inventory Units Cost 160 $ 10.20 $ 1,632 25 $ 10.20 $ 255 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 160 $ 1,632 25 $ 255 Mar. 14 July 30 Oct. 26 400 Purchase Purchase 105 1,010 b) Gross Margin using Specific Identification Less: Equals