Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with both. 1&2 Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased

please help with both. 1&2
image text in transcribed
image text in transcribed
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 97units @ $14.00 = $ 1,358 360units @ $15.00 5,400 610 units @ $16.00 9,760 1,067 units $16,518 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 81 units Mar. 15 290 units Oct. 5 560 units Totals 931 units Required: Check my work 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 1. Moving weighted average Ini ences 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Cost Accounting For Health Care Organizations

Authors: Steven Finkler, Judith Baker, David Ward

3rd Edition

0810235447, 9780763738136

More Books

Students also viewed these Accounting questions