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. Activities Beginning inventory Sales Units Acquired at Cost @$13.00 = Date January 1 January 10 March 141 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales 0 $18.00 @$23.00- $28.00- Purchase Totals. 275 units 450 units 475 units 175 units 1,375 units Exercise 5-9 (Algo) Specific identification LO P1 $ 3,575 8,100 10,925 4,900 $ 27,500 Units Sold at Retail 230 units 400 units 455 units 1,085 units @ $43.00 @$43.00 @$43.00 Exercise 5-9 (Algo) Specific identification LO P1 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 Available for Sale Date January 1 March 14 July 30 October 26 Activity Less: Equals: Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 275 450 475 175 1,375 Cost Per #of units Unit sold Cost of Goods Sold Cost Per Unit COGS Ending Inventory Units Ending Inventory Cost Per Unit Ending Inventory Cost