Urban Glam Cosmetics made purchases of lipstick in the current year as follows: ...
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Accounting
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Jan. 1 Beginning inventory
113
units
@
$
13.00
=
$
1,469
Mar. 14 Purchased
440
units
@
$
14.00
=
6,160
July 30 Purchased
690
units
@
$
15.00
=
10,350
Units available for sale
1,243
units
Cost of goods available for sale
$
17,979
Urban Glam Cosmetics made sales on the following dates at a selling price of $36 per unit:
Jan.
10
89
units
Mar.
15
370
units
Oct.
5
640
units
Totals
1,099
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. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
2. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
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