If Lilly did not own a lumberyard, she would earn $115,000 per year as a store manager for Home Depot. Lilly's Lumberyard had an economic cost of and an economic profit of .

Hemming co. reported the following current-year purchases and sales data for its only product. date activities units acquired at cost units sold at retail jan. 1 beginning inventory 170 units @ $12.80 = $ 2,176 jan. 10 sales 160 units @ $42.80 mar. 14 purchase 320 units @ $17.80 = 5,696 mar. 15 sales 210 units @ $42.80 july 30 purchase 470 units @ $22.80 = 10,716 oct. 5 sales 230 units @ $42.80 oct. 26 purchase 670 units @ $27.80 = 18,626 totals 1,630 units $ 37,214 600 units required: hemming uses a perpetual inventory system. assume that ending inventory is made up of 120 units from the march 14 purchase, 240 units from the july 30 purchase, and all 670 units from the october 26 purchase. using the specific identification method, calculate the following. sales revnue: less: cost of goods sold gross margin: