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 Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals 200 units Units Acquired at Cost @ $10 Units Sold at Retail = $ 2,000 150 units @ $40 350 units @ $15 5,250 300 units $40 450 units @ $20 9,000 430 units @$40 100 units 1,100 units @ $25 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 Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units Cost Per Unit COGS sold Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 200 March 14 Purchase 350 July 30 Purchase 450 October 26 Purchase 100 1,100 b) Gross Margin using Specific Identification Less: Equals: