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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

FINANCIAL ACCOUNTING
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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Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased i Units available for sale Cost of goods available for sale Jan. 10: 71 units from beginning inventory Mar. 151 Oct. 51 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 $1,001 77 units @$13.00 260 units @$14.00 . 3,640 510 units @ $15.00 7,650 847 units 4 units from beginning inventory, and 106 units from the March 14 purchase 51 units from the March 14 purchase, and 409 units from the July 30 purchase Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit $12,291
Transcribed Image Text:Urban Glam Cosmetics made purchases of lipstick in the current year as follows Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased i Units available for sale Cost of goods available for sale Jan. 10: 71 units from beginning inventory Mar. 151 Oct. 51 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 $1,001 77 units @$13.00 260 units @$14.00 . 3,640 510 units @ $15.00 7,650 847 units 4 units from beginning inventory, and 106 units from the March 14 purchase 51 units from the March 14 purchase, and 409 units from the July 30 purchase Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit $12,291
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