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Required information [The following information applies to the questions displayed below) Hemming Co, reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 210 units 510.40 = $ 2, 184 Jan. 10 Sales 170 units @ $40.40 Mar. 14 Purchase 310 units @ $15.40 - 4,774 Mar. 15 Sales 270 units @ $40.40 July 30 Purchase 410 units @ $20.40 = 8,364 Oct. 5 Sales 380 units a $40.40 Oct. 26 Purchase 110 units a $25.40 = 2,794 Totals 1,640 units $18, 116 820 units Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 units from the October 26 purchase. Using the specific identification method, calculate the following Hemming uses a periodic inventory system Ending inventory consists of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 110 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 Date Activity Cost Per Unit # of units #of units sold Ending Inventory Cost Per Unit Ending Inventory Cost Per Unit Ending Inventory Units COGS Cout 0 210 $ $ 2,184 0 Jan. 1 Mar. 14 July 30 Oct 26 Beginning Inventory Purchase Purchase Purchase 210 S 10.40 310 S 15.40 410 $ 20.40 110 $ 25.40 1.040 10.40 $ 15.40 20.40 25.40 $ $ $ $ $ $ 0 10.40 $ 15.40 20.40 25.40 $ ols 210 0 2,184 0 0 b) Gross Margin using Specific Identification Less: Equals

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