Refer to the data in Exercise 6-1. Assume that Parfour uses the specific identification method to cost inventory. The 700 units were specifically sold as follows:
In Exercise 6.1
Parfour made purchases of a particular product in the current year as follows:

Calculate cost of goods sold and the gross profit.

Jan. 1 Beginning inventory..75 units $12.00 900 Ma 250 units13.003,250 ar. 14 Purchased.. uly 30 Purchased. 500 units$14.00 Units available for sale........... 825 units Cost of goods available for sale 7,000 11,150 Jan. 10: 70 units from beginning inventory Mar. 15 3 units from beginning inventory, and 177 50 400 units from the March 14 purchase units from the March 14 purchase, and units from the July 30 purchase Oct. 5: