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.

Exercise $5-9($Algo$)$ Specific identification LO P$1$

Ending inventory consists of $45$ units from the March $14$ purchase, $70$ units from the July $30$ purchase, and all $175$ units from the

October $26$ purchase. Using the specific identification method, calculate the following.

a$)$ Cost of Goods Sold using Specific Identification

b$)$ Gross Margin using Specific Identification