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 Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 240 units @ $11.60 = $ 2,784 Jan. 10 Sales 180 units @ $41.60 Mar. 14 Purchase 370 units @ $16.60 = 6, 142 Mar. 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9, 504 Oct. 5 Sales 415 units @ $41.60 Oct. 26 Purchase 140 units @ $26.60 = 3,724 Totals 1, 190 units $22, 154 925 units Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the gross profit. b) Gross Margin using Specific Identification Less Equals.