Refer to the data in Exercise. Assume that ending inventory is made up of 5 units from the March 14 purchase, 15 units from the July 30 purchase, and all the units of the October 26 purchase.
In Exercise, Harper Co. reported the following current-year purchases and sales data for its only product.

ending inventory">

Using the specific identification method, calculate
(a) The cost of goods sold
(b) The gross profit.

Date Activities Units Acquired at Cost Units Sold at Retail Jan. Beginning inventory .26 un units $81,008 Mar. 14 Purchase . . ..315 units@ $134,095 Mar. 15 Sales .. . July 30 Purchase.. 250 units @ $18= 4,500 Oct. 5 Sales Oct. 26 Purchase 50 units @ $23 = 1.150 113 units $40 180 units @ $40 378 units $40 Totals 74l units 10,753 67 units