Urban Glam Cosmetics made purchases of lipstick In the current year as follows:Jan. 1 Beginning inventoryMar. 14 PurchasedJuly 30 Purchased75 units e $12.00250 units @ $13.e0500 units @ $14.009003,2507,eeeUnits available for sale825 unitsCost of goods available for sale$ 11,15eUrban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit:Jan.1070 unitsMar.15180 unitsOct.45e unitsTotals700 unitsRequlred: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 roundIntermedlate calculatlons. Round your final answers to 2 decimal places.)Cost of GoodsSoldEndingInventoryFIFOb. Moving weighted average

Name: Urban Glam Cosmetics made purchases of lipstick In the current year a
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Description: Urban Glam Cosmetics made purchases of lipstick In the current year as follows:Jan. 1 Beginning inventoryMar. 14 PurchasedJuly 30 Purchased75 units e $12.00250 units @ $13.e0500 units @ $14.009003,2507,eeeUnits available for sale825 unitsCost of goo

FIFO Perpetual: Purchase Cost of goods sold Balance Date Quantity Rate…

Business

Accounting

1. Determine the costs that should be assligned to the ending Inventory and to goods sold under the following methods. (Do not round Intermedlate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average

1. Determine the costs that should be assligned to the ending Inventory and to goods sold under the following methods. (Do not round Intermedlate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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