[The following information applies to the questions displayed Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory 215 units Units Acquired at Cost $10.60- Units Sold at Retail, $ 2,279 Sales 180 units $40.60 March 14 March 15 July 30 Purchase Sales Purchase 320 units $15.60- 4,992 260 units $40.60 415 units $20.60- 8,549 October 5 October 26 Sales Purchase Totals 400 units $40.60 115 units 1,065 units $25.60- 2,944 $18,764 840 unite 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. a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit #of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 215 $ 0.00 $ 0 $ 0.00 $ 0 March 14 Purchase 320 $ 0.00 0 $ 0.00 0 July 30 Purchase 415 $ 0.00 0 $ 0.00 0 October 26 Purchase 115 $ 0.00 O $ 0.00 0 1,065 0 $ 0 $ 0 b) Gross Margin using Specific Identification Less: Equals: