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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 9 3 units @ $ 1 2 .
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Jan. Beginning inventory units @ $ $
Mar. Purchased units @ $
July Purchased units @ $
Units available for sale units
Cost of goods available for sale $
Urban Glam Cosmetics made sales on the following dates at a selling price of $ per unit:
Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The units were specifically sold as follows:
Jan. : units from beginning inventory
Mar. : units from beginning inventory, and
units from the March purchase
Oct. : units from the March purchase, and
units from the July purchase
Calculate cost of goods sold and the gross profit.
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