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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 | 130 | units | @ | $ | 7.40 | = | $ | 962.00 | ||
| Jan. | 10 | Sold | 60 | units | @ | $ | 15.90 | = | 954.00 | |||
| Mar. | 7 | Purchased | 340 | units | @ | $ | 6.70 | = | 2,278.00 | |||
| Mar. | 15 | Sold | 120 | units | @ | $ | 15.90 | = | 1,908.00 | |||
| July | 28 | Purchased | 590 | units | @ | $ | 6.50 | = | 3,835.00 | |||
| Oct. | 3 | Purchased | 540 | units | @ | $ | 6.40 | = | 3,456.00 | |||
| Oct. | 5 | Sold | 750 | units | @ | $ | 15.90 | = | 11,925.00 | |||
Assume that Canadian Tire specifically sold the following units:
| Jan. | 10: | 60 | units from beginning inventory |
| Mar. | 15: | 30 | units from beginning inventory, and |
| 90 | units from the March 7 purchase | ||
| Oct. | 5: | 260 | units from the July 28 purchase, and |
| 490 | 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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