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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: 81 units e $13.00 $ 1,053 3,920 7,950 Jan. 1 Beginning
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: 81 units e $13.00 $ 1,053 3,920 7,950 Jan. 1 Beginning inventory Mar. 14 Purchased 280 units e$14.00 July 30 Purchased 530 units e $15.00 Units available for sale 891 units Cost of goods available for sale $12,923 Urban Glam Cosmetics made sales on the following dates ta selling price of $35 per unit: Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 763 units were specifically sold as follows: 73 units from beginning inventory 6 units from beginning inventory, and 204 units from the March 14 purchase 53 units from the March 14 purchase, and 427 units from the July 30 purchase Jan. 10: Mar. 15: Oct. 5: Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit
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