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Exercise 6-6 Specific identification cost flow assumption LO2 Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and
Exercise 6-6 Specific identification cost flow assumption LO2 Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 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 @$ 6.60 = $ 726.00 80 units @ $15.10 = 1,208.00 260 units @ $ 5.90 = 1,534.00 130 units @ $15.10 = 1,963.00 510 units @ $ 5.70 = 2,907.00 460 units @$ 5.60 = 2,576.00 590 units @ $15.10 = 8,909.00 Assume that Car Armour specifically sold the following units: Jan. 10: 80 units from beginning inventory Mar. 15: 20 110 Oct. 5: 140 units from beginning inventory, and units from the March 7 purchase units from the July 28 purchase, and 450 units from the October 3 purchase Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
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