Exercise 6-2 Alternative cost flow assumptions-perpetual LO2 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 Cost of goods available for sale 115 units @ $14.00 450 units @ $15.00 700 units @ $16.ee 1,265 units = $ 1,610 6,750 11,200 $19,560 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 Mar. 15 Oct. 5 Totals 90 units 380 units 650 units 1,128 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