urban glam cosmetics made purchases of lipstick as follows:

jan. 1 beginning inventory 75 units @ $12.00 = $ 900.00

march. 14 purchased 250 units @ 13.00 = 3250.00

july 30 purchased 500 units @ 14.00 = 7000.00

units available for sale 825 units

cost of goods available for sale 11150.00

urban glam cosmetics made sales on the following dates at a selling price @ $35.00 per unit:

jan. 10 70 units

mar. 15 180 units

oct. 5 450 units

totals 700 units

required:

the business uses a perpetual inventory system.

1. determine the cost that should be assigned to the ending inventory and to goods sold under the following methods. (Do Not round your intermediate calculations. Round your final answers to 2 decimal places)

a) FIFO

b) moving weighted average

2. also calculate the gross profit under each method (Do Not round your intermediate calculations. Round your final answers to 2 decimal places)