Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Urban Glam Cosmetics made
Question:
Urban Glam Cosmetics made purchases of lipstick in the current year as follows:
Urban Glam Cosmetics made sales on the following dates at a selling price of $35 per unit:
Jan. 10 ..................................................................... 70 unitsMar. 15 ................................................................. 180 unitsOct. 5 .................................................................... 450 unitsTotal ..................................................................... 700 units
Required
The business uses a perpetual inventory system. Determine the costs that should be assigned to the ending inventory and to goods sold under:
a. FIFO
b. Moving weighted average (round to the nearest whole cent) Also calculate the gross profit under each method.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
a FIFO perpetual Date Purchases Sales at cost Inventory Balance Units Unit Cost Total Cost Units Uni...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
