Chapter 5 - Inventory - Connect Saved 6 Part 2 of 3 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 Activities January 1 10 points January 10 Beginning inventory Sales Units Acquired at Cost 220 units $10.80 Units Sold at Retail $ 2,376 March 14 March 15 Purchase Sales 330 units - $15.80 Skipped July 30 October 5 October 26 Purchase Sales Purchase Totals 420 units 120 units 1,090 units @ $20.80 = @ $25.80 5,214 8,736 280 units 190 unita @ $40.80 @ $40.80 390 units @ $40.80 3,096 $ 19,422 860 units cBook Hint Print References Mc Graw Hill 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 120 units from the October 26 purchase. Using the specific identification method, calculate the following. a) Cost of Goods Sold using Specific Identification Help Save & Exit Submit Available for Sale Cost of Goods Sold Ending Inventory Date Activity # of units Cost Per Unit # of units sold Cost Per Unit COGS Ending Inventory Units Cost Per Unit Ending Inventory Cost January 1 March 14 Beginning Inventory Purchase 220 330 July 30 Purchase 420 October 26 Purchase 120 1,090 b) Gross Margin using Specific Identification Less: Equals: < Prev 6 7 of 9 Next > Check my work