Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased 77 units @$13.00 - $1,001 260 units $14.00- July 30 Purchased 510 units @ $15.00 Units available for sale 847 units Cost of goods available for sale Jan, 10: 71 units froe beginning inventory Mar 1514 units from beginning inventory, and 106 units from the March 14 purchase units from the March 14 purchase, and 409 units from the July 30 purchase Oct. 51 51 3,640 7,650 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 721 units were specifically sold as follows Calculate cost of goods sold and the gross profit $12,291

Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased 77 units @$13.00 - $1,001 260 units $14.00- July 30 Purchased 510 units @ $15.00 Units available for sale 847 units Cost of goods available for sale Jan, 10: 71 units froe beginning inventory Mar 1514 units from beginning inventory, and 106 units from the March 14 purchase units from the March 14 purchase, and 409 units from the July 30 purchase Oct. 51 51 3,640 7,650 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 721 units were specifically sold as follows Calculate cost of goods sold and the gross profit $12,291

Name: Hh1. Urban Glam Cosmetics made purchases of lipstick in the current ye
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Hh1. Urban Glam Cosmetics made purchases of lipstick in the current year as followsJan. 1 Beginning inventoryMar. 14 PurchasedJuly 30 Purchased iUnits available for saleCost of goods available for saleJan. 10: 71 units from beginning inventoryMar. 15

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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