Exercise 6-8 Specific identification LO P1

Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate the following.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. a) Cost of Goods Sold using Specific Identification b) Gross Margin using Specific Identification \begin{tabular}{l|l|l|} \hline & & \\ \hline Less: & & \\ \hline Equals: & & \\ \hline \hline \end{tabular}