E’s Diamond Shop is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, these items were in stock:

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Quantity Cost Total Ring A Ring A 10 Ring B Ring B Ring B Ring C Ring C 89563T $600 $ 4,800 650 6,500 300 1,500 350 2,100 450 1,350 7 200 1,400 8 250 2,000 $19,650 During the month, the shop purchased four type A rings at $600, two type B rings at $450, and five type C rings at $300 and made the following sales: Ring Type Quantity Sold Price Cost AAAD 2 $1,000 $600 3 1,050 600 1 1,200 650 B 2 850 450 B 2 800 350 C 4 450 200 C C 3 1 500 250 550 250 Because of the high cost per item, E's uses specific identification inventory costing. 1. Calculate the cost of goods sold and ending inventory balances for November. 2. Calculate the gross margin for the month.