Urban Glam Cosmetics made purchases of lipstick in the current year as follows:

Jan. 1 Beginning inventory 83 units @ $ 13.00 = $ 1,079 Mar. 14 Purchased 290 units @ $ 14.00 = 4,060 July 30 Purchased 540 units @ $ 15.00

= 8,100 Units available for sale 913 units Cost of goods available for sale $ 13,239

Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit:

Jan. 10 74 units Mar. 15 220 units Oct. 5 490 units Totals 784 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.)

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