Exercise $6-3$ Specific identification cost flow assumption LO$2$

Urban Glam Cosmetics made purchases of lipstick in the current year as follows:

Urban Glam Cosmetics made sales on the following dates at a selling price of $$36$ per unit:

Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The $784$ units were specifically sold as

follows:

Jan. $10$: $74$ units from beginning inventory

Mar. $15$: $7$ units from beginning inventory, and

$213$ units from the March $14$ purchase

$0$ct$.5$: $54$ units from the March $14$ purchase, and

$436$ units from the July $30$ purchase

Calculate cost of goods sold and the gross profit.