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. Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales Units Acquired at Cost 235 units $11.40 $ 2,679 Units Sold at Retail 170 units $41.40 360 units @ $16.40- 5,904 290 units $41.40 Oct.26 Purchase Totals 135 units 1,165 units 435 units @ $21.40- $26.40- 9,309 410 units @ $41.40 3,564 $21,456 870 units July 30 Purchase Oct. 5 Sales Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 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 Jan. 1 Beginning Inventory Mar. 14 Purchase July 301 Purchase Oct. 26 Purchase Cost of Goods Sold Ending Inventory Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Unit Cost Units Ending Inventory Cost 235 S 0.00 $ 0 S 0.00 $ 0 360 $ 0.00 0 $ 0.00 0 435 $ 0.00 0 $ 0.00 0 135 $ 0.00 0 $ 0.00 1,165 0 $ 0 0 $ b) Gross Margin using Specific Identification Less: Equals: