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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: = =...

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Accounting

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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: = = $ 1,116 4,420 8,260 Jan. 1 Beginning inventory Mar. 14 Purchased July 30 Purchased Units available for sale Cost of goods available for sale 93 units @ $12.00 340 units @ $13.00 590 units @ $14.00 1,023 units $13,796 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 79 units Mar. 15 270 units Oct. 5 540 units Totals 889 units 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.) ts x Answer is complete but not entirely correct. Cost of Goods Sold Ending Inventory 1,876.00 FIFO S a. 11,920.00 b. Moving weighted average $ 1,807.99 11,988.17 2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is complete but not entirely correct. Gross Profit a FIFO $ 19,195.00 b Moving weighted average $ 19,122.39

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