Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 - $ 2,279 180 units @ $40.60 @ $15.60 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 320 units 4,992 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 260 units @ $40.60 415 units @ $20.60 8,549 400 units @ $40.60 @ $25.60 115 units 1,065 units 2,944 $ 18,764 Totals 840 units Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 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 Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost 215 January 1 March 14 320 Beginning Inventory Purchase Purchase Purchase July 30 415 October 26 115 1,065 b) Gross Margin using Specific Identification Less: Equals