Question
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 110 units @ $ 6.60 = = $ Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold 80 units @ $15.10 260 units @ $ 5.90 = 130 units @ $15.10 510 units @ $ 5.70 = 460 units @ $ 5.60 = 590 units @ $15.10 = 726.00 1,208.00 1,534.00 = 1,963.00 2,907.00 2,576.00 8,909.00 Assume that Car Armour specifically sold the following units: Jan. 10: 80 units from beginning inventory Mar. 15: 20 units from beginning inventory, and 110 units from the March 7 purchase Oct. 5: 140 units from the July 28 purchase, and 450 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 goods sold
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started