Question 7 - Proctoring Enabled
Proctoring Enabled: Midterm 2 - (Ch 5, 6, 7) F23
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Jan. 1 Beginning Inventory
115 units @ $14.00 = $1,610
Mar. 14 Purchased
450 units @ $15.00 = 6,750
July 30 Purchased
700 units @ $16.00 = 11,200
Units available for sale
1,265 units
Cost of goods available for sale
$19,560
Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit:
Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 1120 units were specifically sold as
follows:
Jan. 10: 90 units from beginning inventory,
Mar. 15: 23 units from beginning inventory, and
357 units from the March 14 purchase
Oct. 5: 78 units from the March 14 purchase, and
580 units from the July 30 purchase
Calculate cost of goods sold and the gross profit.
Cost of goods sold
Gross profit
