Item3 eBookCheck my workCheck My Work button is now enabledItem 3 Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 77 units @ $ 13.00 = $ 1,001 Mar. 14 Purchased 260 units @ $ 14.00 = 3,640 July 30 Purchased 510 units @ $ 15.00 = 7,650 Units available for sale 847 units Cost of goods available for sale $ 12,291 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: Jan. 10: 71 units from beginning inventory Mar. 15: 4 units from beginning inventory, and 186 units from the March 14 purchase Oct. 5: 51 units from the March 14 purchase, and 409 units from the July 30 purchase Calculate cost of goods sold and the gross profit.