Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Beginning inventory Jan. 1 Units Acquired at Cost Units Sold at Retail @ 290 units = $ 3,944 $13.60 260 units $43.60 @ 500 units $18.60 9,300 Jan. 10 Sales Mar. 14 Purchase = Mar. 15 Sales 430 units $43.60 July 30 Purchase @ 490 units $23.60 11,564 Oct. 5 Sales 470 units $43.60 Oct. 26 Purchase = @ 190 units $28.60 1,470 units 5,434 $30, 242 Totals ,160 units Exercise 5-9 (Algo) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 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 Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost S 0 0 Beginning Inventory Purchase Purchase S 0 Jan. 1 Mar. 14 July 30 Oct. 26 0 290 500 490 190 1,470 0.00 S 0.00 0.00 0.00 In en in on 0.00 $ 0.00 0.00 0.00 0 0 $ S Purchase 0 0 S 01 0 S 0 b) Gross Margin using Specific Identification Less Equals