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Exercise 6-8 Specific identification P1 Refer to the information in Exercise 6-7. Ending inventory consists 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 iden- tification method, compute (a) the cost of goods sold and (b) the gross profit. (Round amounts to cents.) Exercise 6-8 Specific identification P1 Refer to the information in Exercise 6-7. Ending inventory consists 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 iden- tification method, compute (a) the cost of goods sold and (b) the gross profit. (Round amounts to cents.)