! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Sales Purchase Sales Purchase Activities Beginning inventory Units Acquired at Cost 250 units @ $12.00 = Units Sold at Retail $ 3,000 200 units @ $42.00 400 units @ $17.00 = 6,800 360 units @ $42.00 450 units Sales Purchase Totals 150 units 1,250 units @ $22.00 = @ $27.00 = 9,900 420 units @ $42.00 4,050 $ 23,750 980 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 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 Date Activity January 1 Beginning Inventory March 14 Purchase July 30 Purchase October 26 Purchase b) Gross Margin using Specific Identification Less: Equals: Cost of Goods Sold Ending Inventory # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory Units Cost Per Unit Ending Inventory Cost 250 400 450 150 1,250