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 Retal Jan. 1 Beginning Inventory 225 units 511.00 - $2,475 Jan. 1e Sales 150 units 541.00 Mar. 14 Purchase 340 units $16.00 5,440 Mar. 15 Sales 100 units 541.00 July 30 Purchase 425 units 9821.00 3.925 Oct. S Sales 195 units 541.00 Oct 26 Purchase 125 units 520.00 3,350 Total 1.115 units $20.090 845 units Required: Hemming uses a periodic inventory system Assume that ending inventory is consists of 65 units from the March 14 purchase, 80 units from the July 30 purchase, and all 125 units from the October 26 purchase Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit