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[The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 215 units @ $10.60 - $ 2,279 320 units e $15.60 - 4,992 180 units @ $40.60 Date Activities Jan. 1 Beginning inventory Jan.10 Sales Mar.14 Purchase Mar. 15 Sales July30 Purchase Oct. 5 Sales Oct.26 Purchase Totals 260 units @ $40.60 8,549 415 units @ $20.60 115 units @ $25.60 1,065 units 400 units @ $40.60 2,944 $18,764 840 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 units from the October 26 purchase. Using the specific identification method, calculate the following Soveo Help Save & Exit Subm V. Totals 1,065 units $18,764 840 units Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 40 units from the March 14 purchase, 70 units from the July 30 purchase, and all 115 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 Dato Activity Units Unit Cost Jan. 1 Mar. 14 July 30 Oct. 26 Beginning Inventory Purchase Purchase Purchase 215 $ 10.60 320 $ 15.60 415 $ 20.60 115 $ 25.60 1,065 Cost of Goods Sold Ending Inventory Units Ending Ending Unit Cost COGS Sold Inventory Unit Cost Inventory Units Cost 215 $ 10.60 $ 2,279 $10.60 $ 0 320 $ 15.60 4,992 $ 15.60 0 305 $ 20.60 6,283 $ 20.60 0 $ 25.60 0 $ 25.60 840 $ 13,554 0 OOOOO $ b) Gross Margin using Specific Identification Less: Equals

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