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 Unit Acquired at cost Units Sold at Retail Jan. 1 Beginning inventory 200 units @ $10 $ 2,000 Jan. 10 Sales 150 units e $40 Mar. 14 Purchase 350 units 515 5,250 Mar.15 Sales 300 unite @ $40 July30 Purchase 450 unito 520 9,000 Oct. 5 Salon 430 unita 540 Oct.26 Purchase 100 units $25 2,500 Totals 1.100 units $18,750 880 unito Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase. 75 units from the July 30 purchase, and all 100 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 Beginning Inventory Purchase 200 Mar. 14 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost Sold COGS Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 $ 0.00 $ $ 0.00 0 0.00 $ 0.00 0 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0 0 0 350 Purchase $ $ July 30 Oct. 26 450 Purchase OOOOO 100 $ 1.100 OO $ b) Gross Margin using Specific Identification Less: Equals