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Thank you Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in
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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 follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5. Sold 120 units @$ 6.30 - $ 756.00 70 units $14.80 = 1,036.00 230 units @$ 5.60 = 1,288.00 125 units $14.80 - 1,850.00 480 units $ 5.40 - 2,592.00 438 units $ 5.30 - 2,279.00 560 units $14.80 - 8,288.00 Required: 1. Calculate the total goods available for sale (in units and cost). Units 1.260 s Cost 6,915 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 755 505 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
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