Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory
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Question:
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Jan. Beginning inventory units @ $ $
Mar. Purchased units @ $
July Purchased units @ $
Units available for sale units
Cost of goods available for sale $
Urban Glam Cosmetics made sales on the following dates at a selling price of $ per unit:
Jan. units
Mar. units
Oct. units
Totals units
Required:
The business uses a perpetual inventory system.
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 decimal places.
Also calculate the gross profit under each method. Do not round intermediate calculations. Round your final answers to decimal places.
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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