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Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 75 units @$12.00 $ 900 Mar. 14 Purchased 250 units @ $13.0e = 3,250 July 30 Purchased see units e $14.00 - 7,800 Units available for sale 825 units Cost of goods available for sale $ 11,150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 70 units Mar. 15 180 units Oct. 450 units Totals 700 units Requlred: 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 Intermedlate calculetlons. Round your final answers to 2 decimal places.) Ending Cost of Goods Inventory Sold a. FIFO b. Moving weighted average

Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 75 units @$12.00 $ 900 Mar. 14 Purchased 250 units @ $13.0e = 3,250 July 30 Purchased see units e $14.00 - 7,800 Units available for sale 825 units Cost of goods available for sale $ 11,150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 70 units Mar. 15 180 units Oct. 450 units Totals 700 units Requlred: 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 Intermedlate calculetlons. Round your final answers to 2 decimal places.) Ending Cost of Goods Inventory Sold a. FIFO b. Moving weighted average

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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2. Also calculate the gross profit under each method. (Do not round Intermedlate calculatlons. Round your final answers to 2 decimal places.) Gross Profit a. FIFO b. Moving weighted average
Transcribed Image Text:2. Also calculate the gross profit under each method. (Do not round Intermedlate calculatlons. Round your final answers to 2 decimal places.) Gross Profit a. FIFO b. Moving weighted average
Urban Glam Cosmetics made purchases of lipstick In the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased 75 units @ $12.00 250 units @ $13.00 5ee units a $14.00 900 3,250 July 30 Purchased %3D 7,000 Units available for sale 825 units Cost of goods available for sale $ 11,150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 70 units Mar. 15 180 units Oct. 5 450 units Totals 7ee 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 Intermedlate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
Transcribed Image Text:Urban Glam Cosmetics made purchases of lipstick In the current year as follows: Jan. 1 Beginning inventory Mar. 14 Purchased 75 units @ $12.00 250 units @ $13.00 5ee units a $14.00 900 3,250 July 30 Purchased %3D 7,000 Units available for sale 825 units Cost of goods available for sale $ 11,150 Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit: Jan. 10 70 units Mar. 15 180 units Oct. 5 450 units Totals 7ee 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 Intermedlate calculations. Round your final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
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