[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 290 units @ $13.60 - $ 3,944 see units $18.00 9,300 260 units @ $43.60 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 430 units @ $43.60 490 units @ $23.6e 11,564 470 units @ $43.60 190 units @ $28.6e 1,470 units 5,434 $38,242 1,160 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specitic Identification Available for Sale Date Activity Units Unit Cost Jan 1 Mar 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase 290 500 490 190 1,470 Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COGS Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 $ 0.00 $ 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0 0 $ 0 b) Gross Margin using Specific identification 1416 414 4 4 4 4 1 LIVI | Hi Gia 4 v 4G 4G 3 Li 13 tia layTM E H 2 Hemming Co. reported the following current-year purchases and sales for its only product. - Date Activities Jan. 1 Beginning inventory Dan. 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 290 units @ $13.60 - $ 3,944 260 units @ $43.60 see units @ $18.60 9,300 430 units @ $43.60 490 units @ $23.60 11,564 470 units @ $43.60 190 units @ $28.60 5,434 1,470 units $30,242 1,160 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 190 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 Date Activity Units Unit Cost 200 500 Jan 1 Mar 14 July 30 Oct 26 Beginning inventory Purchase Purchase Purchase Cost of Goods Sold Ending Inventory Units Ending Ending Sold Unit Cost COOS Inventory Unit Cost Inventory Units Cost $ 0.00 $ 0 5 0.00 $ 0 $ 0.00 0 $ 0.00 $ 0.00 0 $ 0.00 0 $ 0.00 0 5 0.00 0 $ 0 0 $ 0 490 190 1,470 by Gross Margin using Specific identification Less Equals