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Item2

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Item 2

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	120	units	@	$	7.90		=	$	948.00
Jan.	10	Sold	70	units	@	$	16.40		=		1,148.00
Mar.	7	Purchased	390	units	@	$	7.20		=		2,808.00
Mar.	15	Sold	125	units	@	$	16.40		=		2,050.00
July	28	Purchased	640	units	@	$	7.00		=		4,480.00
Oct.	3	Purchased	590	units	@	$	6.90		=		4,071.00
Oct.	5	Sold	850	units	@	$	16.40		=		13,940.00

Assume that Car Armour specifically sold the following units:

Jan.	10:	70	units from beginning inventory
Mar.	15:	25	units from beginning inventory, and
		100	units from the March 7 purchase
Oct.	5:	335	units from the July 28 purchase, and
		515	units from the October 3 purchase

Calculate the cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)

ending inventory

cost of goods sold

accounting