Cornerstone Exercise 6-19 (Algorithmic) Applying the Cost of Goods Sold Model Hempstead Company. has the following data for 2019: Item Units Cost Inventory, 12/31/2018 990 $10,890 Purchases 4,510 49,610 Inventory, 12/31/2019 720 6,860 Required: 1. How many units were sold? 6,220 X units 2. Using the cost of goods sold model, determine the cost of goods sold. 67,360 X Feedback Check My Work 1. Apply the cost of goods sold model using units instead of dollars. 2. Apply the cost of goods sold model. The determination of cost of goods sold requires an allocation of the cost of goods available for sale between ending inventory and cost of goods sold.