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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: $ 1,235 4,900 Jan. 1 Beginning inventory Mar. 14 Purchased July 30
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: $ 1,235 4,900 Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale 95 units @ $13.00 350 units @ $14.00 600 units $15.00 1,045 units 9,eee Cost of goods available for sale $15,135 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: Dan. 10 80 units Mar. 15 280 units Oct. 5 S50 units Totals 910 units 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 me Intermediate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold 3. FIFO $ 2.025.00 s 11.003.00 b. Moving weighted average s 18.8 10.85 s 13.130.00 Also calculate the gross profit under each method. (Do not round Intermediate calculations. Round your final decimal places.) Gross Profit FO s 8.978.00 b. Moving weighted average IS 11244.05
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