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

Jan. 1 Beginning inventory 109 units @ $ 14.00 = $ 1,526

Mar. 14 Purchased 420 units @ $ 15.00 = 6,300

July 30 Purchased 670 units @ $

16.00

= 10,720

Units available for sale 1,199 units

Cost of goods available for sale $ 18,546

Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit:

Jan. 10 87 units

Mar. 15 350 units

Oct. 5 620 units

Totals 1,057 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.)