Question
Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as
Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows:
| Jan. | 1 | Beginning inventory | 120 | units | @ | $ | 6.50 | = | $ | 780.00 | ||
| Jan. | 10 | Sold | 70 | units | @ | $ | 15.00 | = | 1,050.00 | |||
| Mar. | 7 | Purchased | 250 | units | @ | $ | 5.80 | = | 1,450.00 | |||
| Mar. | 15 | Sold | 125 | units | @ | $ | 15.00 | = | 1,875.00 | |||
| July | 28 | Purchased | 500 | units | @ | $ | 5.60 | = | 2,800.00 | |||
| Oct. | 3 | Purchased | 450 | units | @ | $ | 5.50 | = | 2,475.00 | |||
| Oct. | 5 | Sold | 570 | units | @ | $ | 15.00 | = | 8,550.00 | |||
Assume that Canadian Tire specifically sold the following units:
| Jan. | 10: | 70 | units from beginning inventory |
| Mar. | 15: | 25 | units from beginning inventory, and |
| 100 | units from the March 7 purchase | ||
| Oct. | 5: | 125 | units from the July 28 purchase, and |
| 445 | units from the October 3 purchase | ||
Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows:
| Jan. | 1 | Beginning inventory | 120 | units | @ | $ | 6.50 | = | $ | 780.00 | ||
| Jan. | 10 | Sold | 70 | units | @ | $ | 15.00 | = | 1,050.00 | |||
| Mar. | 7 | Purchased | 250 | units | @ | $ | 5.80 | = | 1,450.00 | |||
| Mar. | 15 | Sold | 125 | units | @ | $ | 15.00 | = | 1,875.00 | |||
| July | 28 | Purchased | 500 | units | @ | $ | 5.60 | = | 2,800.00 | |||
| Oct. | 3 | Purchased | 450 | units | @ | $ | 5.50 | = | 2,475.00 | |||
| Oct. | 5 | Sold | 570 | units | @ | $ | 15.00 | = | 8,550.00 | |||
Assume that Canadian Tire specifically sold the following units:
| Jan. | 10: | 70 | units from beginning inventory |
| Mar. | 15: | 25 | units from beginning inventory, and |
| 100 | units from the March 7 purchase | ||
| Oct. | 5: | 125 | units from the July 28 purchase, and |
| 445 | units from the October 3 purchase | ||
Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
