Vd Urban Glam Cosmetics made purchases of lipstick in the current year as follows:Jan. 1 Beginning inventoryMar. 14 PurchasedJuly 30 PurchasedUnits available for saleCost of goods available for sale79 units @ $14.00 = $ 1,106270 units @ $15.00520 units @ $16.00 =4,0508,320869 unitsJan. 10 72 unitsMar. 15 200 unitsOct. 5 470 units742 unitsTotals=$13,476Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit: 5Required: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 roundintermediate calculations. Round your final answers to 2 decimal places.)a. FIFOb. Moving weighted averageEnding Inventorya. FIFOb. Moving weighted average2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2decimal places.)Cost of GoodsSoldGross Profit

Under FIFO method the oldest products in inventory have been sold first.Under moving average model,…

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 79 units @ $14.00 = 270 units @ $15.00 520 units @ $16.00 869 units Jan. 10 72 units Mar. 15 200 units Oct. 5 470 units 742 units Totals = $ 1,106 4,050 8,320 $13,476 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit:

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 79 units @ $14.00 = 270 units @ $15.00 520 units @ $16.00 869 units Jan. 10 72 units Mar. 15 200 units Oct. 5 470 units 742 units Totals = $ 1,106 4,050 8,320 $13,476 Urban Glam Cosmetics made sales on the following dates at a selling price of $34 per unit:

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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