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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 Sales Purchase Sales Activities Beginning inventory Units Acquired at Cost 265 units @ $12.60 = Units Sold at Retail $ 3,339 225 units @ $42.60 430 units @ $17.60 = 7,568 370 units @ $42.60 July 30 October 5 October 26 Purchase Sales Purchase Totals 465 units 165 units 1,325 units @ $22.60 = @ $27.60 10,509 440 units @ $42.60 4,554 $ 25,970 1,035 units Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 165 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 Cost Per Unit sold Cost of Goods Sold Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 Beginning Inventory 265 $ 0.00 $ 0 $ 0.00 $ 0 March 14 Purchase 430 $ 0.00 0 $ 0.00 0 July 30 Purchase 465 $ 0.00 0 $ 0.00 0 October 26 Purchase 165 $ 0.00 0 $ 0.00 0 1,325 0 $ 0 0 $ 0 b) Gross Margin using Specific Identification Less: Equals

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