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 Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 255 units @ $12.20 = $ 3,111 January 10 Sales 210 units $42.20 March 14 Purchase 410 units @ $17.20 - 7,052 March 15 Sales 350 units @ $42.20 July 30 Purchase 455 units @ $22.20 = 10,101 October 5 Sales 430 units @ $42.20 October 26 Purchase 155 units @ $27.20 - 4,216 Totals 1,275 units $ 24,480 990 units Exercise 6-9 (Algo) Specific identification LO P1 Ending Inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 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 #of units Cost of Goods Sold Ending Inventory Cost Per Unit Ending Inventory Cost Cost Per Unit Nof units sold Cost Per Unit Ending Inventory Units COGS 255 January 1 March 14 July 30 October 26 Beginning inventory Purchase Purchase Puhata 410 455 16 Exercise 6-9 (Algo) Specific identification LO P1 sold Ending inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 units from the October 26 purchase. Using the specific identification method, calculate the following y Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Cost Per Activity Cost Per Ending #of units of units COGS Cost Per Unit Inventory Ending Inventory Unit Unit Cost Units January 1 Beginning Inventory 255 March 14 Purchase 410 July 30 Purchase 455 October 26 Purchase 155 1.275 b) Gross Margin uning Specific Identification Less Equals