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 285 units $13.00 $ 3,819 Jan. 10 Sales 250 units $43.40 Mar. 14 Purchase 470 units @ $18.40 8,648 Mar.15 Sales 400 units $43.40 July 30 Purchase 485 units @ $23.00 11,349 Oct. 5 Sales 460 units @ $43.40 Oct.26 Purchase 185 units @ $28.40 5,254 Totals 1,425 units $29,070 1,110 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase. 85 units from the July 30 purchase, and all 185 units from the October 26 purchase. Using the specific identification method, calculate the following Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 85 units from the July 30 purchase, and all 185 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 Units Unit Cost Jan 1 Mar 14 July 30 Oct 26 Beginning inventory Purchase Purchase Purchase 285 S 1340 470 $ 18 40 485 $ 23.40 185 $ 28.40 1.425 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Sold Inventory Unit Cost Inventory Units Cost 285 $ 13.40 $ 3,819 $. 13.40 $ 0 $ 18.40 0 $ 18.40 0 $ 23.40 0 $ 23.40 0 $ 28.40 0 185 $ 28.40 5,254 285 $ 3,819 185 S 5,254 b) Gross Margin using Specific identification Less Cost of goods sold Gross margin Equals