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 275 units @ $13.00 = $ 3,575 230 units @ $43.00 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 450 units @ $18.00 = 8,100 400 units @ $43.00 475 units @ $23.00 = 10,925 455 units @ $43.00 175 units @ $28.00 = 1,375 units 4,900 $27,500 Totals 1,085 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 70 units from the July 30 purchase, and all 175 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 Activity Units Units de les Unit Cost Units Sold Unit Cost Ending Inventory Ending Ending Unit Inventory Inventory Cost Units Cost Colete COGS coGS Inventory Love Inventory Jan. 1 Beginning Inventory 275 $ 13.00 $ 0 $ 13.00 $ 0 | 13.00 Mar. 14 Purchase 450 $ 18.00 $ 18.00 18.00 July 30 Purchase 475 23.00 $ 23.00 $ 23.00 Oct. 26 Purchase 175 $ 28.00 $ 28.00 | 28.00 1,375 $ 0 b) Gross Margin using Specific Identification Sales Less: Cost of goods sold Equals: Gross margin