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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
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
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