can you help me complete this ones, the second table I think I did wrongHemming Company reported the following current-year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJanuary 1Beginning inventory235units@ $11.40=$ 2,679 January 10Sales 170units@ $41.40March 14Purchase360units@ $16.40=5,904 March 15Sales 290units@ $41.40July 30Purchase435units@ $21.40=9,309 October 5Sales 410units@ $41.40October 26Purchase135units@ $26.40=3,564 Totals1,165units $ 21,456870units Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 units from theOctober 26 purchase. Using the specific identification method, calculate the following.a) Cost of Goods Sold using Specific IdentificationAvailable for SaleDateJanuary 1March 14July 30October 26ActivityLess:Equals:Beginning InventoryPurchasePurchasePurchaseb) Gross Margin using Specific IdentificationBeginning inventoryCost of goods sold# of units$235$11.40360 $ 16.40435 $21.40135 $ 26.401,165Cost PerUnit9,34212,114# of unitssoldCost of Goods Sold$295 $340 $0 $S0635Cost Per Unit11.4016.4021.4026.40‒‒‒Cost ofGoods Sold$$04,8387,276012,114EndingInventoryUnitsEnding InventoryCost Per Unit$23565 $95 $135 $530Ending InventoryCost11.40 $16.4021.4026.40$2,6791,0662,0333,5649,342

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Description: can you help me complete this ones, the second table I think I did wrongHemming Company reported the following current-year purchases and sales for its only product.DateActivitiesUnits Acquired at CostUnits Sold at RetailJanuary 1Beginning inventory2

The Specific Identification Method is an inventory valuation method used to value the cost of goods…

Answered: Ending inventory consists of 65 units…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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can you help me complete this ones, the second table I think I did wrong

Hemming Company reported the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	235	units	@ $11.40	=	$ 2,679
January 10	Sales						170	units	@ $41.40
March 14	Purchase	360	units	@ $16.40	=	5,904
March 15	Sales						290	units	@ $41.40
July 30	Purchase	435	units	@ $21.40	=	9,309
October 5	Sales						410	units	@ $41.40
October 26	Purchase	135	units	@ $26.40	=	3,564
	Totals	1,165	units			$ 21,456	870	units

Ending inventory consists of 65 units from the March 14 purchase, 95 units from the July 30 purchase, and all 135 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
Date
January 1
March 14
July 30
October 26
Activity
Less:
Equals:
Beginning Inventory
Purchase
Purchase
Purchase
b) Gross Margin using Specific Identification
Beginning inventory
Cost of goods sold
# of units
$
235
$
11.40
360 $ 16.40
435 $
21.40
135 $ 26.40
1,165
Cost Per
Unit
9,342
12,114
# of units
sold
Cost of Goods Sold
$
295 $
340 $
0 $
S
0
635
Cost Per Unit
11.40
16.40
21.40
26.40
‒‒‒
Cost of
Goods Sold
$
$
0
4,838
7,276
0
12,114
Ending
Inventory
Units
Ending Inventory
Cost Per Unit
$
235
65 $
95 $
135 $
530
Ending Inventory
Cost
11.40 $
16.40
21.40
26.40
$
2,679
1,066
2,033
3,564
9,342

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