1. Determine the costs that should be assigned to the ending inventory and to goods sold under the following methods.  

2. Also calculate the gross profit under each method.

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 75 units e $12.00 250 units @ $13.00 500 units e $14.00 = $ 900 Mar. 14 Purchased 3,250 7,000 %3D July 30 Purchased Units available for sale 825 units Cost of goods available for sale $ 11,150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: 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 3 units from beginning inventory, and 177 units from the March 14 purchase 5: 50 units from the March 14 purchase, and 400 units from the July 30 purchase Jan. 10: Mar. 15: Oct.