Use the following information for the Exercises $8-10$ below. $($Algo$)$

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

Date Activities Units Acquired at Cost Units Sold at Retail

January $1$ Beginning inventory $270$ units @ $$12\mathrm{.}80=$ $ $3,456$

January $10$ Sales $220$ units @ $$42\mathrm{.}80$

March $14$ Purchase $400$ units @ $$17\mathrm{.}80=7,120$

March $15$ Sales $340$ units @ $$42\mathrm{.}80$

July $30$ Purchase $470$ units @ $$22\mathrm{.}80=10,716$

October $5$ Sales $440$ units @ $$42\mathrm{.}80$

October $26$ Purchase $170$ units @ $$27\mathrm{.}80=4,726$

Totals $1,310$ units $ $26,0181,000$ units

Exercise $5-9($Algo$)$ Specific identification LO P$1$

Ending inventory consists of $55$ units from the March $14$ purchase, $85$ units from the July $30$ purchase, and all $170$ units from the October $26$ purchase. Using the specific identification method, calculate the following.!

Required information

Use the following Informatlon for the Exercises $8-10$ below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

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

Exerclse $5-9($Algo$)$ Specific Identlfication LO P$1$

Ending Inventory consists of $55$ units from the March $14$ purchase, $85$ units from the July $30$ purchase, and all $170$ units from the

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

a$)$ Cost of Goods Sold using Specific Identification

b$)$ Gross Margin using Specific Identification