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 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 245 units @$11.80 = Units Sold at Retail $ 2,891 190 units @ $41.80 390 units @$16.80 6,552 350 units @ $41.80 445 units @ $21.80 9,701 430 units @ $41.80 145 units 1,225 units @$26.80 3,886 $ 23,030 970 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 145 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 Cost Per COGS sold Unit Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 245 March 14 Purchase $ 390 $ 16.80 11.80 $ 11.80 $ 0 $ 11.80 $ $ 16.80 0 $ 16.80 0 July 30 Purchase 445 $ 21.80 $ 21.80 0 $ 21.80 0 October 26 Purchase 145 $ 26.80 $ 26.80 0 $ 26.80 0 1,225 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals: