Question-2 (30 Marks) Alternative cost flow assumptions-perpetual Urban Glam Cosmetics made purchases of lipstick in the current year as follows: 75 units @ $ 900 Jan. 1 Beginning inventory Mar. 14 Purchased units @ $ 120 0 13.0 0 140 0 3.250 50 July 30 Purchased units @ $ 7.000 Units available for sale 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: 70 Jan 3 Mar 1 18 unit 5 05 45 unit Oct. 5 OS 70 unit Totals 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. (3 Marks) 2. Also calculate the gross profit under each method. (2 Marks) 3. On the basis of gross profit calculation which method is more profitable and which method Urban Glam Cosmetic needs to follow and why. Explain? (5 Marks) 4. Calculate FIFO and Moving Weighted Average method? (20 Marks)