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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 85
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased 85 units @ $14.00 300 units @ $15.00 -$1,190 4,500 Units available for sale 550 units @$16.00 935 units 8,800 Cost of goods available for sale $14,490 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit Jan. 10 75 units Mar. 15 230 units Oct. 5 500 units Totals 805 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 round intermediate calculations. Round your final answers to 2 decimal places.)
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