Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate
In Exercise 6-7, Hemming Co. reported the following current-year purchases and sales for its only product.

Ending inventory consists">

(a) The cost of goods sold
(b) The gross profit. (Round amounts to dollars andcents.)

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Units Acquired at Cost 200 units @ $10 = $ 2.000 350 units @ $15= 5.250 450 units @ $20# 9.000 Date Activities Units Sold at Retail Jan. 1 Beginning inventory .. .. Jan. 10 Sales Mar. 14 Purchase Mar. IS Sales.. July 30 Purchase. 150 units @ $40 300 units @$40 430 units @ $40 Oct 26 Purchase.. 2,500 $18,750 880 units