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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: $1,188 Jan. 1 Beginning inventory Mar. 14 Purchased 99 units@ $12.00 370

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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: $1,188 Jan. 1 Beginning inventory Mar. 14 Purchased 99 units@ $12.00 370 units @ $13.00 620 units @ $14.00 4,810 July 30 Purchased 8,680 Units available for sale 1,089 units Cost of goods available for sale. $14,678 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10. 82 units Mar. 15 300 units: Oct. 5 570 units Totals 952 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 re intermediate calculations. Round your final answers to 2 decimal places.) 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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