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 301 October 5 October 26 Activities Sales Purchase Sales Beginning inventory 300 units Units Acquired at Cost $14.00- Units Sold at Retail $ 4,200 250 units $44.00 520 unita $19.00- 500 units $24.00- 9,880 12,000 460 units $44.00 480 units $44.00 200 units 1,520 units $29.00- 5,800 $ 31,880 1,190 units Purchase Sales Purchase Totals Exercise 5-9 (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 200 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 Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit of units sold Cost Per COGS Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 300 March 14 Purchase 520 July 30 Purchase 500 October 26 Purchase 200 1,520 b) Gross Margin using Specific Identification Less Equals: