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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1...

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Accounting

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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale 77 units @ $13.00 260 units @ $14.00 510 units @ $15.00 847 units $ 1,001 3,640 7,650 Cost of goods available for sale $12, 291 :12 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: Jan. 10 Mar. 15 Oct. 5 71 units 190 units 460 units Totals 721 units Required: The business uses a perpetual inventory system. 1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average 2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Gross Profit a. FIFO b. Moving weighted average

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