Urban Glam Cosmetics made purchases of lipstick in the current year as follows:

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eferences.

Jan. 1 Beginning inventory

Mar. 14 Purchased

July 30 Purchased

Units available for sale

Cost of goods available for sale

101 units @ $13.00

= $ 1,313

380 units

@ $14.00

5,320

630 units @ $15.00

9,450

1,111

units

$16,083

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 973 units were specifically sold as follows:

Jan. 10:

Mar.

15:

Oct. 5:

83 units from beginning inventory

16

units from beginning inventory, and 294 units from the March 14 purchase

63 units from the March 14 purchase, and

517 units from the July 30 purchase

Calculate cost of goods sold and the gross profit.

Cost of goods sold