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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 97 units 514.20 $ 1,358 36 units @ $15.00 - 5,400 618 units @ $16.00. 9,760 1,067 units $16,518 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 81 units Mar. 15 290 units Oct. 5 568 units Totals 931 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.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average 2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Gross Profit a FIFO b. Moving weighted average

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