Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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: Man Jan. Beginning inventory Jan LOSO 7 Purchased Mar. 15 sold July 20 Purchased Oct Purchased Oct Sold 130 units @ $7.20$ 936.00 60 units @ $15.70 942.00 320 unita a 6.50 = 2,080.00 120 units $15.70 = 1,884.00 570 units @ $ 6.30 - 3,591.00 520 units $6.20 3,224.00 710 units $15.70 = 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 answers 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

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

9th Edition

978-0073527062

Students also viewed these Accounting questions