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 200 units @ $10 = $ 2,000 Units Sold at Retail 150 units @ $40 350 units @ $15 5,250 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 300 units @ $40 450 units @ $20 9,000 430 units @ $40 100 units @ $25 1, 100 units 2,500 $18,750 880 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 100 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification 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 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 Units Unit Cost $10.00 Jan. 1 Mar. 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase 200 350 450 100 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost Sold COGS Inventory Unit Cost Inventory Units Cost 150 $ 10.00 $ 1,500 $ 10.00 $ 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 150 $ 1,500 0 0 1.100 b) Gross Margin using Specific Identification Less: Equals