$[$The following information applies to the questions displayed below.$]$Confucius Bookstore's inventory is destroyed by a fire on September $5.$ The following data for the current year are available from the

accounting records.

Estimate the cost of the inventory destroyed.

Hemming Company reported the following current$-$year purchases and sales for its only product.

Ending inventory consists of $40$ units from the March $14$ purchase, $70$ units from the July $30$ purchase, and all $115$ units from the

October $26$ purchase. Using the specific identification method, calculate the following.

b$)$ Gross Margin using Specific Identification