CHAPTER 6 Inventory Costing and Valuation Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. I Beginning inventory. Purchased. 75 units 250 units 500 units Mar. 14 July 30 Purchased. 825 units Units available for sale. Cost of goods available for sale... Jan. 10. Mar. 15. Oct. 5 Total. b. Moving weighted average (round to the nearest whole cent) Also calculate the gross profit under each method. Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10: Mar. 15: @ Oct. 5: $12.00 $13.00 $14.00 @ 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 Exercise 6-3 Specific identification cost flow assumption LO2 eXcel CHECK FIGURES: COGS = $9,427; Gross profit = $15,073 3 177 50 400 70 units 180 units 450 units 700 units Refer to the data in Exercise 6-2. Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 700 units were specifically sold as follows: 70 units from beginning inventory 43 Calculate cost of goods sold and the gross profit. 900 3,250 7,000 units from beginning inventory, and units from the March 14 purchase $11,150 units from the March 14 purchase, and units from the July 30 purchase

CHAPTER 6 Imventory Costing and valuation Urban Gla Urban Glam Cosmetics made 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. Exercise 6-3 Specific identification cost flow assumption LO2 2)(cel CHECK FIGURES: COGS =$9,427; Gross profit =$15,073 Refer to the data in Exercise 6-2. Assume that Urban Glam Cosmetics uses the specific identification method to cost inventory. The 700 units were specifically sold as follows: Calculate cost of goods sold and the gross profit