Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning Inventory Mar. 14 Purchased July 30 Purchased 89 units $13.00 $14.00 es15.00 -$1,157 4,480 8,550 320 units 570 units 979 units Units available for sale $14,167 Cost of goods available for sale 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 847 units were specifically sold as follows: 77 units from beginning inventory Har. 15: 1e units from beginning inventory, and 240 units from the Harch 14 purchase 57 units fron the Harch 14 purchase, and 463 units from the July 30 purchase Jan. 10: Oct. 51 Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning Inventory Mar. 14 Purchased July 30 Purchased 89 units $13.00 $14.00 es15.00 -$1,157 4,480 8,550 320 units 570 units 979 units Units available for sale $14,167 Cost of goods available for sale 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 847 units were specifically sold as follows: 77 units from beginning inventory Har. 15: 1e units from beginning inventory, and 240 units from the Harch 14 purchase 57 units fron the Harch 14 purchase, and 463 units from the July 30 purchase Jan. 10: Oct. 51 Calculate cost of goods sold and the gross profit. Cost of goods sold Gross profit

Name: Urban Glam Cosmetics made purchases of lipstick in the current year a
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Description: Urban Glam Cosmetics made purchases of lipstick in the current year as follows:Jan. 1 Begining inventoryMar. 14 PurchasedJuly 30 Purchased89 units320 units570 units$13.00e$14.00e $15.00 --5 1,1574,4808,550Units available for sale979 units$14,187Cost

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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