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

Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit:
Jan. 10 .....................................................    70 units 

Mar. 15 ..................................................    180 units 

Oct. 5..................................................        450 units
Total    ..................................................     700 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:
a. FIFO
b. Moving weighted average (round to the nearest whole cent) Also calculate the gross profit under each method.

Transcribed Image Text:

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