Required Information Use the following information 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. Date Activities Units Acquired at Coat Units sold at Retail Beginning @ January 1 220 units - $ 2,376 inventory $10.80 January Sales 10 190 units $40.80 March 14 Purchase 330 units 5,214 $15.80 March 15 Sales 280 units $40.80 July 30 Purchase 420 units 8,736 $20.80 October 5 Sales 390 units $40.80 October Purchase 120 units 26 $25.80 3,096 Totals 1,090 units $ 19,422 860 units Exercise 6-9 (Algo) Specific identification LO P1 Ending inventory consists of 40 units from the March 14 purchase. 70 units from the July 30 purchase, and all 120 units from the October 26 purchase. Using the specific identification method, calculate the following. Unit a) Cost of Goods Sold using Specific Identification Available for Sale Date Cost Activity # of units Per Unit January 1 Beginning Inventory 220 March 14 Purchase 330 July 30 Purchase 420 October 26 Purchase 120 1,090 b) Gross Margin using Specific Identification Cost of Goods Sold # of units Cost Per Unit COGS sold $0.00 $ 0 $ 0.00 0 $ 0 $ 0.00 0 0 $ 0 Ending Inventory Ending Ending Cost Per Inventory Inventory Units Cost $ 0.00 $ 0 $ 0.00 0 $ 0.00 0 $ 0.00 0 0 $ 0 0.00 Less: Equals