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 Jan. 1 Beginning inventory Jan. 1e Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals Units Acquired at Cost Units Sold at Retail 200 units $10 = $2,000 150 units @ 40 350 units @ $15 - 5,250 300 units $40 450 units @ $20 - 9. 430 units @ $40 100 units $25 2.500 1,100 units $18.750 80 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 100 units from the October 26 purchase Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit