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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 Units available

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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 Units available for sale Cost of goods available for sale 99units @ $12.08 = $ 1,188 37 units @ $13.00 4,810 620units @ $14.00 = 8,680 1,889 units $14,678 Urban Glam Cosmetics made sales on the following dates at a selling price of $3 unit: Jan. 10 82 units Mar. 15 300 units Oct. 5 570 units Totals 952 units a Required: The business uses a perpetual inventory system 1. Determine the costs that should be assigned to the ending inventory and to ge sold under the following methods. (Do not round intermediate calculations. Roi your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average 2. Also calculate the gross profit under each method. (Do not round intermedia calculations. Round your final answers to 2 decimal places.) Gross Profit a. FIFO b. Moving weighted average

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