Urban Glam Cosmetics made purchases of lipstick in the currentyear as follows:Jan. 1 Beginning...Urban...

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Accounting

Urban Glam Cosmetics made purchases of lipstick in the currentyear as follows:
Jan. 1 Beginning inventory 75 units @ $ 12.00 = $ 900
Mar. 14 Purchased 250 units @ $ 13.00 = 3,250
July 30 Purchased 500 units @ $ 14.00 = 7,000
Units available for sale 825 units
Cost of goods available for sale $ 11,150

Urban Glam Cosmetics made sales on the following dates at a sellingprice of $35 per unit:
Jan. 10 70 units
Mar. 15 180 units
Oct. 5 450 units
Totals 700 units

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Caclulation of COGS Ending inventory Value Gross Profir Under FIFO COGS 70 units 12 5 units 12 175 units 13 75 units 13 375 14 9400 See Answer

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In: AccountingUrban Glam Cosmetics made purchases of lipstick in the currentyear as follows:Jan. 1 Beginning...Urban Glam Cosmetics made purchases of lipstick in the currentyear as follows:Jan. 1 Beginning inventory75units@$12.00=$900Mar. 14 Purchased250units@$13.00=3,250July 30 Purchased500units@$14.00=7,000Units available for sale825unitsCost of goods available for sale$11,150Urban Glam Cosmetics made sales on the following dates at a sellingprice of $35 per unit:Jan.1070unitsMar.15180unitsOct.5450unitsTotals700units


Jan. 1 Beginning inventory	75	units	@	$	12.00	=	$	900
Mar. 14 Purchased	250	units	@	$	13.00	=		3,250
July 30 Purchased	500	units	@	$	14.00	=		7,000
Units available for sale	825	units
Cost of goods available for sale							$	11,150