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Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows:
Jan. | 1 | Beginning inventory | 130 | units | @ | $ | 7.70 | = | $ | 1,001.00 | ||
Jan. | 10 | Sold | 60 | units | @ | $ | 16.20 | = | 972.00 | |||
Mar. | 7 | Purchased | 370 | units | @ | $ | 7.00 | = | 2,590.00 | |||
Mar. | 15 | Sold | 120 | units | @ | $ | 16.20 | = | 1,944.00 | |||
July | 28 | Purchased | 620 | units | @ | $ | 6.80 | = | 4,216.00 | |||
Oct. | 3 | Purchased | 570 | units | @ | $ | 6.70 | = | 3,819.00 | |||
Oct. | 5 | Sold | 810 | units | @ | $ | 16.20 | = | 13,122.00 | |||
Assume that Car Armour 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: | 305 | units from the July 28 purchase, and |
505 | 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.)
Ending Inventory? | |
Cost of goof sold? |
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