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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
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 87 units @ $12.00 310 units @ $13.00 560 units @ $14.00 = $ 1,044 4,030 7,840 957 units Cost of goods available for sale $12,914 09 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 Mar. 15 Oct. 5 Totals 76 units 240 units 510 units 826 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 nor round intermediate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
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