Required information Use the following information for the Exercises below. [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 270 units @ $12.80 $ 3,456 220 units @ $42.80 400 units @ $17.80 7, 120 340 units @ $42.80 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 10,716 470 units @ $22.80 440 units @ $42.80 170 units @ $27.80 1, 310 units 4,726 $26,018 1,000 units Exercise 6-8 Specific identification LO P1 Next of 12 Prey w Saved Help Save & Exit Submit Check my work 0 Required information 2 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 85 units from the July 30 purchase, and all 170 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 ed Date Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Activity Unit Cost Units Units Sold Unit Cost COGS 270 0 $ 0.00 $ $ 0.00 sk $ 0 Jan. 1 Mar. 14 Beginning Inventory Purchase Purchase $ 400 0.00 0 0 S 000 1 470 0 S 000 July 30 $ 0.00 $ 0.00 0 0 at 170 $ 0 Purchase 0.00 Oct 26 0 0 0 0 nces $ $ + 1,310 b) Gross Margin using Specific Identification