Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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: 1 Beginning inventory Jan. LO Sold Mat 7 Purchased Mar. 15 Sold July 20 Purchased Oct. 3 Purchased Oct 5. Sold 130 units @ $ 7.20 = 60 units @ $15.70 320 units @ $ 6.50 120 units @ $15.70 570 units @ $ 6.30 520 units @ $ 6.20 710 units @ $15.70 S 936.00 942.00 2,080.00 1,884.00 3,591.00 3, 224.00 11,147.00 Required: 1. Calculate the total goods available for sale (In units and cost). Units Cost Total goods available for sale 2. Calculate the number of units sold and units remaining in ending inventory Number of units sold Number units remaining in ending inventory 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 ar swers to nearest whole dollar.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average
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