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 Units Sold at Retail Units Acquired at Cost 210 units @ $10.40 - $ 2,184 170 units @ $40.40 310 units @ $15.40 4,774 Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase 270 units @ $40.40 410 units @ $20.40 8,364 380 units @ $40.40 110 units @ $25.40 1,040 units 2,794 $18, 116 Totals 820 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, 70 units from the July 30 purchase, and all 110 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 Activity Date Cost Per # of units # of units sold Unit Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost Jan. 1 210 $ 0.00 $ 0 $ 0.00 $ 0 Beginning Inventory Purchase Mar. 14 310 $ 0.00 0 $ 0.00 0 Purchase 410 $ 0.00 0 $ 0.00 0 July 30 Oct. 26 Purchase $ 0.00 0 $ 0.00 0 110 1,040 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals