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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 Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold 110 units @ $ 5.50 80 units @ $ 14.00 150 units @ $ 4.80 130 units @ $ 14.00 400 units @ $ 4.60 350 units @ $ 4.50 440 units @ $14.00 = $ 605.00 1,120.00 720.00 1,820.00 1,840.00 1,575.00 6,160.00 = = = Required: 1. Calculate the total goods available for sale (in units and cost). Units Cost Total goods available for sale 1,010 $ 4,740 2. Calculate the number of units sold and units remaining in ending inventory. Number of units sold 650: 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
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