Exercise 6-3 Specific identification cost flow assumption LO2 Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased 99 units @ $12.00 370 units @ $13.00 620 units @ $14.00 1,089 units $ 1,188 = 4,810 8,680 Cost of goods available for sale $14,678 Units available for sale Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 952 units were specifically sold as follows: Jan. 10: 82 units from beginning inventory Mar. 15: 15 units from beginning inventory, and 285 units from the March 14 purchase Oct. 5: 62 units from the March 14 purchase, and 508 units from the July 30 purchase Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit