Question
urban glam cosematics made purchase of lipstick in the current year as follows Jan 1 beginning inventory 109units @$14.00 =1526 march 14 purchased 420 units
urban glam cosematics made purchase of lipstick in the current year as follows
Jan 1 beginning inventory 109units @$14.00 =1526
march 14 purchased 420 units @$15 =6300
July 30 purchased 670units @16=10720
units available for sale= 1199units
cost of goods available for sale=$18546
urban glam cosematics made sales on the following dates at a selling price of $34 per unit
jan 10 87units
march 15 350units
oct 5 620units
totals 1,057 units
determine the cost that should be assigned to the ending inventory and to goods sold under the following method.
FIFO
Moving weightage average
also calculate the gross of under each method.
FIFO
moving weightage average
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