Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particularproduct in 2023 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 PurchasedOct. 5 SoldTotal goods available for saleRequired:1. Calculate the total goods available for sale (in units and cost).Number of units soldNumber units remaining in ending inventory130 units @ $ 6.9060 units @ $15.40 =290 units @ $ 6.20 =120 units @ $15.40 =540 units @ $ 6.00 =490 units @ $ 5.90 =660 units @ $15.40 =a FIFOb. Moving weighted averageUnits$1,450 $2. Calculate the number of units sold and units remaining in ending inventory.CostEndingInventory897.00924.001,798.001,848.003,240.002,891.0010,164.008406103. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and togoods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.)3,611 S8,826Cost of GoodsSold5,215

Name: Car Armour sells car wash cleaners. Car Armour uses a perpetual inven
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particularproduct in 2023 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 Purchas

FIFO is first in first out which means inventory bought first is sold first.Inventory means the…

Business

Accounting

Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold Required: 1. Calculate the total goods available for sale (in units and cost). Total goods available for sale Number of units sold Number units remaining in ending inventory 130 units @$ 6.90 $ 897.00 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @$ 6.00 = 490 units @$ 5.90 = 660 units @ $15.40 = 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 a FIFO b. Moving weighted average Units 1,450 $ 2.Calculate the number of units sold and units remaining in ending inventory. $ 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.) Cost 3,611 8,826 S 840 610 Cost of Goods Sold 5,215

Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold Required: 1. Calculate the total goods available for sale (in units and cost). Total goods available for sale Number of units sold Number units remaining in ending inventory 130 units @$ 6.90 $ 897.00 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @$ 6.00 = 490 units @$ 5.90 = 660 units @ $15.40 = 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 a FIFO b. Moving weighted average Units 1,450 $ 2.Calculate the number of units sold and units remaining in ending inventory. $ 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.) Cost 3,611 8,826 S 840 610 Cost of Goods Sold 5,215

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following is a record of Blossom Company’s transactions for the month of May 2022. May 1 Balance 320 units @ $20 May 10 Sale 240 units @ $38 12 Purchase 480 units @ $25 20 Sale 430 units @ $38 (a) Compute the ending inventory under the perpetual system using FIFO. FIFO Ending inventory $ 3250 (b) Compute the ending inventory under the perpetual system using LIFO. LIFO Ending inventory $
Please do not give solution in image format thanku
Give me correct answer with explanation..j
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Hi Please help with questions attached, thanks so much.
Ex. Clear Sound Audio uses a periodic inventory system. One of the store's most popular products is an MP8 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows. Inventory, Jan. 1 First purchase (May 12) Second purchase (July 9) Third purchase (Oct. 4) Fourth purchase (Dec. 18) Goods available for sale Units sold during the year Inventory, Dec. 31 Number of Units NG ER NG 73 22 Cost per Unit $299 306 308 315 320 Total Cost $ 3,588 4,590 6,468 2,520 5,440 $22,606 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MPS systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference).
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex