Units Acquired at Cost 205 units @ $10.20 - $ 2,091 Units Sold at Retail 300 units $15.20 4,560 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 160 units @ $40.20 250 units @ $10.20 400 units @ $20.20 8,080 375 units @ $10.20 105 units @ $25.20 1,010 units 2,646 $17,377 785 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 105 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 Unit Date Activity Units Cost Units Jan 1 Mar 14 Beginning Inventory Purchase Purchase Purchase Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost Sold COGS Inventory Unit Cost Inventory Cost $ 000 $ 0 s 000 $ $ 0.00 0 $ 000 0 $ 0.00 $ 000 0 $ 0.00 s 0.00 0 0 $ 0 0 0 205 300 400 105 1010 July 30 Oct 26 b) Gross Margin using Specific Identification Less Equals Prev of 8 18 Next >