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: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold 110 units @ $ 6.30 = $ 693.00 80 units @ $14.89 = 1,184.00 230 units $ 5.60 1,288.00 138 units $14.80 = 1,924.32 480 units 5 5.40 = 2,592.ee 435 units @ $ 5.30 = 2,305.50 530 units $14.80 = 7,844.80 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: 95 units from the July 28 purchase, and 435 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

blur-text-image

Get Instant Access to Expert-Tailored 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 Essentials For Hospitality Managers

Authors: Chris Guilding, Kate Mingjie Ji

4th Edition

1032024321, 9781032024325

More Books

Students also viewed these Accounting questions

Question

What must a person do to apply?

Answered: 1 week ago