E's Diamond Shop is computing its inventory and cost of goods sold for November 2000. At the beginning of the month, these items were in stock:

During the month, purchases of four type A rings at $\$ 600$, two type B rings at $\$ 450$, and five type C rings at $\$ 300$ and the following sales were made:

Because of the high cost per item, E's uses specific identification inventory costing 1. Calculate cost of goods sold and ending inventory balances for November.
2. Calculate the gross margin for the month.

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Quantity Cost Total Ring A Ring A Ring B Ring B Ring B Ring C Ring C 8066318 $600 $ 4,800 650 6,500 5 300 1,500 350 2,100 450 1,350 7 200 1,400 250 2,000 $19,650