Question: Refer to the data in Exercise 6-5. Assume that ending inventory is made up of 100 units from the March 14 purchase, 120 units from

Refer to the data in Exercise 6-5. Assume that ending inventory is made up of 100 units from the March 14 purchase, 120 units from the July 30 purchase, and all 600 units from the October 26 purchase. Using the specific identification method, calculate
(a) The cost of goods sold and
(b) The grossprofit

Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory100 units@ $101000 Jan. 10 Sales.. Mar. 14 Purchase ..250 units@$15 3,750 90 units$40 140 units @ $40 300 units @ $40 July 30 Purchase400 units $208,000 Oct. 26 Purchase600 units $2515.000 Totals ...n. . 1350 units $27,750 530 units

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