Exercise 5-9 Algo Specific identification LO P1

O 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. Unita Sold at Retail Units acquired at cost 255 units $12.20 210 units $42.20 Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 410 units 517.20 - 7,052 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 350 unita 542.20 455 unita # $22.20 - 10.101 $30 units 542.20 $27.20 155 units 1,275 units 4,216 $ 24,480 990 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 50 units from the March 14 purchase, BO units from the July 30 purchase, and all 155 units from the October 26 purchase. Using the specific identification method, calculate the following a) Cost of Goods Sold using Specific Identification Chinna Exercise 5-9 (Algo) Specific identification LO P1 Ending Inventory consists of 50 units from the March 14 purchase, 80 units from the July 30 purchase, and all 155 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 # of units Ending Cost Per Unit sold COGS Inventory Cost Per Unit Ending Inventory Units Cost January 1 Beginning inventory 255 March 14 Purchase July 30 Purchase 455 October 26 Purchase 155 Unit 410 b) Gross Margin using Specific Identification Equals