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 220 units @ $10.80 - $ 2,376 190 units @ $40.80 330 units @ $15.80 - 5,214 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 280 units @ $40.80 420 units @ $20.80 - 8,736 390 units @ $40.80 120 units $25.80 - 1,090 units 3,096 $19,422 860 units Required: 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 120 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 Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Dato Activity Units Unit Cost Units Sold Unit Cost COGS Jan 1 Mar. 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase 220 330 420 120 1,090 b) Gross Margin using Specific identification Less: Equals