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