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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 205 units $10.20 = $ 2,091 160 units @ $40.20 Mar. 14 Purchase 300 units @ $15.20 4,560 Mar. 15 Sales @ 250 units $40.20 July 30 Purchase 400 units $20.20 8,080 Oct. 5 Sales Oct. 26 Purchase @ 375 units $40.20 2,646 $17,377 785 units 105 units @ $25.20 1,010 units = Totals Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Gross Profit Calculate the cost of goods sold. a) Cost of Goods sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Unit Units Unit Ending Unit Ending Date Activity Units Cost Sold COGS Inventory Cost Inventory Cost Units Cost Beginning Jan. 1 205 Inventory Mar. 14 Purchase 300 July 30 Purchase 400 Oct. Purchase 105 26 1,010 Cost of Goods Sold Gross Profit 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 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost a 205 units $10.20 = $ 2,091 160 units @ $40.20 Mar. 14 Purchase @ 300 units $15.20 4,560 Mar. 15 Sales @ 250 units $40.20 July 30 Purchase a 400 units $20.20 8,080 Oct. 5 Sales Oct. 26 Purchase 105 units @ $25.20 1,010 units @ 375 units $40.20 2,646 $17,377 785 units Totals Required: Hemming uses a periodic inventory system. Assume that ending inventory is consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification method, calculate the (a) the cost of goods sold and (b) the gross profit. Complete this question by entering your answers in the tabs below. Cost of Goods Gross Profit Calculate the gross profit. b) Gross Margin using Specific Identification Less: Equals: