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 Activities Units Acquired at Cost Units Sold at Retail Beginning inventory 200 units $10 $2,000 January 10 Sales 150 units $40 March 14 Purchase 350 units $15 5,250 March 15 Sales 300 unite 540 July 30 October 5 October 26. Purchase Sales Purchase Totals 450 units $20 9,000 430 units $40 100 units $25 1,100 units 2,500 $18,750 880 units Ending inventory consists 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 January 1 Beginning Inventory March 14 Purchase July 30 Purchase October 26 Purchase b) Gross Margin using Specific Identification Sales Less Cost of goods sold Equals Gross profe Cost of Goods Sold Ending Inventory #of of units Cost Per Unit units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost 200 $10.00 200 $10.00 $ 2,000 0 $ 10.00 $ 350 $ 15.00 305 $15.00 4.575 45 $ 15.00 675 450 $ 20.00 375 $20.00 7,500 75 $20.00 1,500 100 $25.00 0 $ 25.00 0 100 $25.00 2,500 1,100 880 $ 14,075 220 $ 4,675 14,075