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Calculate with explanations please Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased July
Calculate with explanations please
Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 3,640 77 units $13.00 - $1,001 260 units $14.00 510 units $15.00 7,650 347 units $12,293 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 721 units were specifically sold as follows Ton 1071 units from beginning Inventory Mar. 15 4 units from beginning inventory and 166 units from the March 14 purchase Oct. 5 51 units from the March 14 purchase and 409 units from the Suly 30 purchase Calculate cost of goods sold and the gross profit Step by Step Solution
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