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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: 11 Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: 11 Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 91units $14.00 330units @ $15.00 580units @ $16.00 1,001units = $ 1,274 = 4,950 9,280 $15,504 00:15:37 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: Jan. 10 78 units Mar. 15 260 units Oct. 5 530 units Totals 868 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. (D 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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