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 Activities January 1 January 10 March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Beginning inventory 210 units Units Acquired at Cost @ $10.40 Units Sold at Retail = $ 2,184 Sales 170 units @ $40.40 310 units @ $15.40 = 4,774 270 units @ $40.40 410 units @ $20.40 = 8,364 380 units @ $40.40 Purchase Totals 110 units 1,040 units @ $25.40 = 2,794 $ 18,116 820 units Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 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 210 March 14 Purchase 310 July 30 Purchase 410 October 26 Purchase 110 1,040 b) Gross Margin using Specific Identification Less: Equals: