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 Sold at Retail Units Acquired at Cost 290 units @ $13.60 = $ 3,944 = 260 units @ $43.60 500 units @ $18.60 9,300 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 430 units @ $43.60 490 units @ $23.60 = 11,564 470 units @ $43.60 = 190 units @ $28.60 1,470 units 5,434 $30, 242 1,160 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 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 Units Date Activity Units Unit Cost Unit Cost COGS Sold Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 0 $ 0.00 $ 0 $ 0.00 0 $ 0.00 $ 0 Jan. 1 Mar. 14 Beginning Inventory Purchase Purchase 290 500 0.00 $ 0.00 $ 0 490 $ 0.00 0 July 30 Oct. 26 Purchase 190 $ 0.00 0 $ 0.00 0 1,470 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals