Urban Glam Cosmetics made purchases of lipstick in the current year as follows:Jan. 1 Beginning inventoryMar. 14 PurchasedJuly 38 PurchasedUnits available for saleCost of goods available for sale.95 units@ $13.00 = $1,235350 units@ $14.00600 units @ $15.00Jan. 18 80 unitsMar. 5 280 unitsOct. 5 550 unitsTotals910 units1,045 units=4,9009,000$15,135Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit:Check my workRequired: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 rouin Round your final answers to 2 decimal places.)

First in first out (FIFO) method of inventory valuation issues the inventory that is purchased first…

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased i July 30 Purchased. Units available for sale. Cost of goods available for sale 95 units@ $13.00 $1,235 350 units@ $14.00 = 4,900 600 units@ $15.00 9,000 1,045 units Jan. 10 80 units Mar. 5 280 units Oct. Totals 5 550 units 910 units $15,135 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: toman 112 A 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 rou Dound your final answers to 2 decimal places.)

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased i July 30 Purchased. Units available for sale. Cost of goods available for sale 95 units@ $13.00 $1,235 350 units@ $14.00 = 4,900 600 units@ $15.00 9,000 1,045 units Jan. 10 80 units Mar. 5 280 units Oct. Totals 5 550 units 910 units $15,135 Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit: toman 112 A 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 rou Dound your final answers to 2 decimal places.)

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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