Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning...
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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased 79 units $14.00 270 units @ $15.00 $1,106 4,050 520 units @ $16.00 8,320 Units available for sale 869 units Cost of goods available for sale $13,476 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 72 units Mar. 15 200 units Oct. 5 470 units Totals 742 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 methods. (Do not rounc intermediate calculations. Round your final answers to 2 decimal places.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased 79 units $14.00 270 units @ $15.00 $1,106 4,050 520 units @ $16.00 8,320 Units available for sale 869 units Cost of goods available for sale $13,476 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 72 units Mar. 15 200 units Oct. 5 470 units Totals 742 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 methods. (Do not rounc intermediate calculations. Round your final answers to 2 decimal places.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold
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