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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 1 4 Purchased July 3 0 Purchased
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. Beginning inventory Mar. Purchased July Purchased 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.
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Jan. Beginning inventory
Mar. Purchased
July Purchased
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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