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 Acquired at Cost 245 units @ $11.80 = $ 2,891 Units Sold at Retail 190 units @ $41.80 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 390 units @ $16.80 = 445 units @ $21.80 = 6,552 9,701 350 units @ $41.80 430 units @ $41.80 145 units @ $26.80 = 1,225 units 3,886 $23,030 970 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 145 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 $ 11.80 Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 245 390 445 145 1,225 Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost $ 11.80 $ 0 $ 11.80 $ $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 0 $ 000 $ b) Gross Margin using Specific Identification Less: Equals