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. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase 265 units $12.60$ 3,339 430 units $17.607,568 465 units $22.6010,509 165 unitse $27.60-4,554 Units Sold at Retail 225 units $42.60 370 units $42.60 440 units $42.60 Totals 1,325 units $25,970 1,035 units Required Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Ending Inventory Ending Ending Unit Cost Date Activity Units Unit Cost COGS Inventory Unit Cost Inventory Units Sold Cost $0.00$ Jan. 1Beginning Inventory Mar. 14Purchase July 30Purchase Oct. 26 Purchase 265 430 465 165 1,325 $ 0.00 $ 0.00 $ 0.00 $0.00$ $ 0.00 $ 0.00 $ 0.00 b) Gross Margin using Specific Identification Less Equals