Required information Use the following information for the Exercises 8-10 below. (Static) [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units sold at Retail Units Acquired at Cost 200 units @ $10 = $ 2,000 350 units @ $15 5,250 150 units @ $40 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26 Purchase Totals 300 units @ $40 450 units @ $20 9,000 430 units @ $40 @ $25 100 units 1,100 units 2,500 $18,750 880 units Exercise 5-9 (Static) Specific identification LO P1 Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase. 75 units from the July 30 purchase, and all 100 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 Activity # of units Cost Per Unit Jan. 1 Beginning Inventory Purchase Mar. 14 July 30 Oct 26 Cost of Goods Sold Ending Inventory # of Cost Per Ending Ending Cost Per units Unit COGS Inventory Unit Inventory sold Units Cost $ 0.00 $ $ 0.00 $ $ 0.00 $ 0.00 s 0.00 $ 0.00 $ 0.00 0 $ 0.00 200 350 450 100 1,100 olololo Purchase Purchase OOOOO $ 0 0 $ b) Gross Margin using Specific Identification Less: Equals