Question
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 95 units $13.00 $1,235 350 units $14.00
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 95 units $13.00 $1,235 350 units $14.00 Mar 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 4,900 600 units 1,045 units t 315.00 9,000 $15,135 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 910 units were specifically sold as follows: Jan. 10: 80 units from beginning inventory Mar. 15: Oct. 5: 13 units from beginning inventory, and 267 units from the March 14 purchase 60 units from the March 14 purchase, and 490 units from the July 30 purchase goods sold and the gross profit
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