Question: Please answer moving weighted average. I'll ask question afterward Thanks! Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made
Please answer moving weighted average. I'll ask question afterward Thanks!
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 | 130 | units | @ | $ | 6.60 | = | $ | 858.00 | |||
| Jan. | 10 | Sold | 60 | units | @ | $ | 15.10 | = | 906.00 | ||||
| Mar. | 7 | Purchased | 260 | units | @ | $ | 5.90 | = | 1,534.00 | ||||
| Mar. | 15 | Sold | 120 | units | @ | $ | 15.10 | = | 1,812.00 | ||||
| July | 28 | Purchased | 510 | units | @ | $ | 5.70 | = | 2,907.00 | ||||
| Oct. | 3 | Purchased | 460 | units | @ | $ | 5.60 | = | 2,576.00 | ||||
| Oct. | 5 | Sold | 620 | units | @ | $ | 15.10 | = | 9,362.00 | ||||
1. Calculate the total goods available for sale (in units and cost)
|
2. Calculate the number of units sold and 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.)
|
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
Study Help