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 | 120 | units | @ | $ | 7.10 | = | $ | 852.00 | |||
Jan. | 10 | Sold | 70 | units | @ | $ | 15.60 | = | 1,092.00 | ||||
Mar. | 7 | Purchased | 310 | units | @ | $ | 6.40 | = | 1,984.00 | ||||
Mar. | 15 | Sold | 125 | units | @ | $ | 15.60 | = | 1,950.00 | ||||
July | 28 | Purchased | 560 | units | @ | $ | 6.20 | = | 3,472.00 | ||||
Oct. | 3 | Purchased | 510 | units | @ | $ | 6.10 | = | 3,111.00 | ||||
Oct. | 5 | Sold | 680 | units | @ | $ | 15.60 | = | 10,608.00 | ||||
Required:3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.) FIFO
Ending Inventory ____________ Cost of goods sold _______________
Moving weighted average
Ending Inventory ___________ Cost of goods sold_______________
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