Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases...
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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 3 Purchased 5 Sold 130 units es 6.90- S 60 units S15.40 290 units es 6.20 120 units e$15.40 . 540 units eS 6.00 = 490 units S 5.90 897.00 924.00 1,798.e0 1,848.00 3.240.00 2,891.00 10,164.00 Oct. Oct. 66e units $15.40 - Required: 1. Calculate the total goods available for sale (in units and cost). Units Cost 1,450 $ 8,826 Total goods available for sale Practice Problems Seved Help Seve & Esit Submit 2. Calculate the number of units sold and units remaining in ending inventory Number of units sold Number units remaining in ending invontory 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 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 3 Purchased 5 Sold 130 units es 6.90- S 60 units S15.40 290 units es 6.20 120 units e$15.40 . 540 units eS 6.00 = 490 units S 5.90 897.00 924.00 1,798.e0 1,848.00 3.240.00 2,891.00 10,164.00 Oct. Oct. 66e units $15.40 - Required: 1. Calculate the total goods available for sale (in units and cost). Units Cost 1,450 $ 8,826 Total goods available for sale Practice Problems Seved Help Seve & Esit Submit 2. Calculate the number of units sold and units remaining in ending inventory Number of units sold Number units remaining in ending invontory 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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Solution FIFO Method PURCHASED COST OF GOODS SOLD BALA... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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