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 Activities Units Acquired at Cost Date Retail 1 Beginning inventory 200 units $10= $ 2,000 Jan. Jan. 10 Sales 150 units $40 350 units $15 14 Purchase Mar 5,250 Mar. 15 Sales July 30 Purchase 5 Sales 300 units $40 450 units $20 9,000 430 units $40 Oct 100 units $25 Oct. 26 Purchase 2,500 880 units 1,100 units $18,750 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 100 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 Sold 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 Ending Inventory Cost Ending Inventory Units Unit Cost Units Sold Activity Units Unit Cost COGS Unit Cost Date 0.00 $ Beginning Inventory Purchase S S 200 0.00 0 Jan. 1 Mar. 14 $ 0.00 0.00 0 350 0 Purchase July 30 0 450 $ 0.00 0.00 Oct. 26 Purchase 100 0.00 0.00 0 1,100 0 $ 0 0 0 Cost of Goods Sold Gross Profit Complete this question by entering your answers in the tabs below. Cost of Goods Gross Profit Sold Calculate the gross profit. b) Gross Margin using Specific Identification Less Equals: Cost of Goods Sold Gross Profit