Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 280 units @ $13.20=$ 3,696 Units Sold at Retail 240 units @ $43.20 460 units 480 units @ $18.20 = @ $23.20 = 8,372 410 units @ $43.20 11,136 450 units @ $43.20 180 units 1,400 units @ $28.20 = 5,076 $ 28,280 1,100 units Ending inventory consists 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 Ending Inventory Date Activity # of units Cost Per Unit # of units Cost Per COGS sold Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 280 $ 0.00 $ 0 $ 0.00 $ 0 March 14 Purchase 460 $ 0.00 0 $ 0.00 0 July 30 Purchase 480 $ 0.00 0 $ 0.00 0 October 26 Purchase 180 $ 0.00 0 $ 0.00 0 1,400 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals