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 Units available for sale Cost of goods available for sale 107 units 410 units 660 units 1,177 units Jan. 10: 86 units from beginning inventory Mar. 15: 19 units from beginning inventory, and units from the March 14 purchase Oct. 5: 321 66 units from the March 14 purchase, and 544 units from the July 30 purchase 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 1,036 units were specifically sold as follows: Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit @ $13.00 = $ 1,391 @ $14.00 = 5,740 @ $15.00 9,900 = $17,031

Exercise 6-3 Specific identification cost flow assumption LO2 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 1.036 units were specifically sold as follows: Calculate cost of goods sold and the gross profit. Exercise 6.3 Specific identification cost flow assumption LO2 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 1,036 units were specifically sold as follows: Calculate cost of goods sold and the gross profit