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. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 265 units @ $12.60 = $ 3,339 January 10 Sales 225 units @ $42.60 March 14 Purchase 430 units @ $17.60 = 7,568 March 15 Sales 378 units @ $42.60 July 30 Purchase 465 units @ $22.60 = 10,509 October 5 Sales 448 units @ $42.60 October 26 Purchase 165 units @ $27.60 = 4,554 1,325 units Totals $ 25,970 1,035 units Required: Hemming uses a perpetual Inventory system. and to endinn Inventory and to cost of goods sold using FIFO. NICO Date 9005 Purchase Cost per # of units unit LOST OF Gooas so Cost per # of units sold Cost of Goods Sold Inventory balance Cost per Inventory unit Balance unit #of units January 1 January 10 March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totale Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 units from the October 26 purchase. Using the specific identification method, calculate the following. 02 Cost of Goods Sold Cost Per Unit of units sold Cost Per Ending Inventory Cost Per Unit Ending Inventory Cost COGS Unik Ending Inventory Units ) Cost of Goods Sold using Specific Identification Available for Sale Date Activity # of units January 1 Beginning Inventory 265 March 14 Purchase 430 July 30 Purchase 465 October 26 Purchase 165 1,325 b) Gross Margin using Specific Identification ces Less Equals Cost of Goods Available for Sale of units Ending Inventory Cost per unit Cost of Goods Available for Sale Cost of Goods Sold #of units sold Cost per unit Cost of Goods Sold of units in ending Cost per unit Inventory Endin Beginning inventory Purchases March 14 July 30 October 20 Total b) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold of units landing Cost per unit invelry Endin Beginning inventory Purchases: March 14 July 30 October 26 Total c) Gross profit FIFO LIFO c) Gross profit FIFO LIFO