ter 6 - Homework A Help of 2 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 Units required at Cost 270 units $12.80 $3,456 Units sold at Retail 220 units & $42.80 400 units @ $17.80 7. 120 Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 340 units @ $42.80 470 units @ $22.80 - 10,716 Tint 440 units @ $42.80 $27.80 = 170 units 1,310 units 4,726 $26,018 1,000 units Exercise 6-8 Specific identification LO P1 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. al cost of Goods Sold using Specife Identification 2 of 9 Next > apter 6 - Homework Help Save & E Ch Required information - 2012 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 Book Cost of Goods Sold Sold Unit Costcogs cost co Ending Inventory Ending Ending Inventory Unit Cost Inventory Units Cost Date Activity Unit Cost Units Jan. 1 Mar. 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase 270 400 470 1701 1 310 b) Gross Margin using Specific Identification Equals: