Required information (The folowing information appliles to the questions displayed below] Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 200 units $1e $2,eee Units Sold at Retail Activities Date 1 Beginning inventory Jan. 150 units $40 Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 3e Purchase Oct. 5 Sales Oct. 26 Purchase 5,250 350 units $15 300 units $40 45e units $20 9,00e 430 units $40 1e0 units $25 2,50e 880 units $18,75e 1,1e0 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 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 Answer is complete but not entirely correct. 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 Cost of Goods Sold Ending Inventory Available for Sale Ending Inventory Cost Ending Inventory Units Unit Cost Units Sold Unit Cost Unit Cost COGS Date Activity Units Beginning Inventory Purchase $ 10.00 $ 2,000 0s 10.00 200 200 Jan. 1 10.00 Mar 200 15.00 150 15.00 2,250 3,000 350 14 15.00 July 30 Purchase 150 20.00 450 300 20.00 6,000 3,000 20.00 Oct. 26 0$25.00 100s 25.00 0 Purchase 100 2,500 25.00 10,250 8,500 1.100 650 450 S Cost of Goods Sold Gross Profit >