Question: Question is: based on above chart what is the answer for #3 a) FIFO and b) Moving weighted average as I have the wrong numbers

 Question is: based on above chart what is the answer for

Question is: based on above chart what is the answer for #3 a) FIFO and b) Moving weighted average as I have the wrong numbers inputted.

#3 a) FIFO and b) Moving weighted average as I have the

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 @ $ 7.30 80 units @ $15.80 330 units $ 6.60 130 units @ $15.80 = 580 units @ $ 6.40 = 530 units @ $ 6.30 = 710 units @ $15.80 = $ 803.09 1,264.00 2,178.00 2,054.00 3,712.00 3,339.00 11,218.00 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 $ 14,536 Cost of Goods Sold $ 14,536 14,720 a. FIFO $ 3,780 $ b. Moving weighted average

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!