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. 10 Sales Mar. 14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost Units Sold at Retail 270 units @ $12.80 = $ 3,456 220 units @ $42.80 400 units @ $17.80 7,120 340 units @ $42.80 470 units @ $22.80 10,716 440 units @ $42.80 170 units @ $27.80 = 4,726 1,310 units $26,018 1,000 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 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 Date Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS Jan. 1 270 Mar. 14 400 Beginning Inventory Purchase Purchase Purchase 470 July 30 Oct. 26 170 1,310 b) Gross Margin using Specific Identification Less