The following information for Urbanski Corporation relates to the three months ending June 30, 2021: 
Urbanski uses the LIFO method to account for inventory, and expects at least 15,000 units to be on hand in the ending inventory at year-end. Purchases made in the last six months are expected to cost an average of $18 per unit.Compute cost of goods sold and gross profit for the quarter ending June 30, 2021.
Definitions:
High Initial Price
A pricing strategy where a product is introduced to the market at a high price point to maximize revenue from less price-sensitive customers before possibly lowering the price.
Skimming Pricing
A pricing strategy involving setting high prices initially to target consumers who are willing to pay more for new or unique products.
Innovative Product
A new or significantly improved product that meets unique customer needs or opens up new markets.
High Initial Price
A pricing strategy where a new product is introduced to the market with a relatively high price point in order to maximize revenues from early adopters.
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