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. Date an. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July30 Purchase Oct. 5 Sales Oct. 26 Purchase Activities Units Acquired at Cost 200 units@$10 2,e00 350 units @ $155,250 450 units@ $20 9,090 100 units $252,50e Units Sold at Retail 150 units@$40 300 units@ $40 430 units $40 Totals 1,100 units $18,750 880 units Exercise 5-8 Specific identification LO P1 Required: Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following 2 Check my work Exercise 5-8 Specific identification LO P1 Required Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific method, calculate the following a) Cost of Goods Sold using Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Unit Cost COGS Inventory Unit Cost Inventory Units Date Activity Units Cost Unit Units Ending Cost Jan. 1 Beginning Inventory Mar. 14Purchase July 30 Purchase Oct. 26 Purchase 200 10.00 350 450 100 20010.00 2,000 200 S 10.00 2,000 S 0.00 S 0.00 $ 0.00 S 0.00 $ 0.00 $ 0.00 1,100 200 S 2,000 200 2,000 b) Gross Margin using Specific Identification Less Equals