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 200 units @ $10 = $ 2,000 150 units @ $40 350 units @ $15 5,250 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 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 = 100 units 1,100 units 2,500 $18,750 880 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up 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 following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Date Activity Units Unit Cost Units Sold Unit Cost COGS Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 200 $ 10.00 350 $ 15.00 450 $ 20.00 100 $ 25.00 1,100 0 $ 10.00 $ $ 15.00 $ 20.00 $ 25.00 Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost 0 50 $ 10.00 $ 500 0 $ 15.00 0 0 $ 20.00 0 0 $ 25.00 0 50 $ 500 0 $ b) Gross Margin using Specific Identification Less: Equals