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In July, 2019, Unique Jewels Company purchased the following it Number of Rings Purchased 1 2 Date Purchased Jul

Accounting

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In July, 2019, Unique Jewels Company purchased the following it Number of Rings Purchased 1 2 Date Purchased Jul. 2 Jul 5 Jul 10 Jul 19 Jul 20 Cost per ring $15,000 $9,2501 $750 $12,500 $945 1 3 4 On July 22, one ring from the July 2 purchase was sold for $19,500 and 2 rings from the July 20 purchase were sold for $1,520 each. All sales and purchases are made on credit. Instructions: (a) Calculate ending inventory and cost of goods sold using specific identification. (b) Prepare the journal entry to record the July 22 sale.