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 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 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: 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
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