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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to ques O Required information (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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $10 - $ 2,000 Jan. 10 Sales 150 units @ $40 Mar. 14 Purchase 350 units e $15 5,250 Mar. 15 Sales 300 units @ $40 July 30 Purchase 450 units $20 9,000 Oct. 5 Sales 430 units $40 Oct. 26 Purchase 100 units @ $25 2,500 Totals 1,100 units $18,750 880 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up 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 Answer is not complete. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Date Activity Unit Cost Units Units Sold Ending Inventory Ending Unit Ending Inventory Cost Inventory Units Cost Unit Cost COGS Jan. 1 Beginning Inventory 200 200 $ 10.00 $ 2.000 150 $ 10.00 $ 1,500 Mar. 14 Purchase 350 2,250 $ 15.00 0 $ 10.00 S 15.00 $ 20.00 $ 25.00 150 $ 15.00 100% $ 20.00 July 30 Purchase 450 2,000 $ 20.00 0 Oct 26 Purchase 100 350 $ 25.00 8.750 $ 25,00 0 1.100 800 $ 15,000 150 1,500 b) Gross Margin using Specific Identification Less: Equals