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. 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 Units Acquired at Cost Units Sold at Retail 245 units @ $11.80 $ 2,891 190 units @ $41.80 390 units @ $16.80 - 6,552 350 units @ $41.80 445 units @ $21.80 9,701 430 units @ $41.80 145 units @ $26.80 - 3,886 1.225 units $23,030 970 units Exercise 5-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 pure units from the July 30 purchase, and all 145 units from the October 26 purchase. Using the specific identification method. following Ending a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Unit Date Units Units Activity Cold Unit Cost COGS Inventory Unit Cost Inventory Cost Units Cost Jan. 1 Beginning Inventory 2451 $ 0.00 $ $ 0.00 $ Mar. 14 Purchase 390 $ 0.00 of $ 0.00 0 July 30 Purchase 4457 $ 0.00 of $ 0. 000 Oct. 26 Purchase 145 $ 0.00 0f $ 0.00 0 1,225 L0S 00S 0 b) Gross Margin using Specific Identification Less: Equals