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. Units Acquired at Cost 260 units @ $12.40 = $ 3,224 Units Sold at Retail 215 units @ $42.40 420 units @ $17.40 = 7,308 Date Activities Jan 1 Beginning inventory Jan. 10 Sales Mar. Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 380 units @ $42.40 460 units @ $22.40 = 10,304 425 units @ $42.40 = 4,384 160 units @ $27.40 1,300 units $25,220 1,020 units Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and ) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Sold Gross Profit Calculate the cost of goods sold. a) Cost of Goods sold using Specific Identification Available for Sale Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 $ 12.40 $ Jan. 1 260 $ 12.40 $ 12.40 $ 0 Beginning Inventory Purchase Mar. 14 420 $ 17.40 $ 17.40 01 $ 17.40 0 4,384 Oct. 26 Purchase Totals 160 units @ $27.40 1,300 units $25, 220 1,020 units Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 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 cost of goods sold. a) Cost of Goods sold using Specific Identification Available for Sale Cost of Goods Sold Unit Date Activity Units Units Sold Unit Cost COGS Cost Jan 1 $ 12.40 $ 0 260 $ 12.40 420 $ 17.40 460 $ Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 $ 12.40 $ 0 $ 17.40 0 $ 0.00 0 $ 0.00 0 0 $ 17.40 Beginning Inventory Purchase Purchase Purchase Mar. 14 July 30 Oct. 26 0 $ 0.00 0 $ 0.00 0 160 1.300 0 $ 0