Subject :- Accounting 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 sale.3130 units @$ 7.5060 units @$16.00 =350 units @$ 6.80-120 units @$16.00 =600 units @$ 6.60.550 units @s 6.50750 units @$16.00-Required:1. Calculate the total goods available for sale (in units and cost).Number of units sold975.00960.002,380.001,920.003,960.003,575.0012,000.00UnitsCost2. Calculate the number of units sold and units remaining in ending inventory.

Name: Subject :- Accounting Car Armour sells car wash cleaners. Car Armour u
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Subject :- Accounting 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 Pur

Goods available for sale means the number of goods that an entity has in hand for the purpose of…

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 130 units @$ 7.50 $ 60 units @$16.00- 350 units @s 6.80 120 units @$16.00 = 600 units @s 6.60- 550 units es 6.50- 750 units @$16.00- 975.00 960.00 2,380.00 1,920.00 3,960.00 3,575.00 12,000.00

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 130 units @$ 7.50 $ 60 units @$16.00- 350 units @s 6.80 120 units @$16.00 = 600 units @s 6.60- 550 units es 6.50- 750 units @$16.00- 975.00 960.00 2,380.00 1,920.00 3,960.00 3,575.00 12,000.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

See similar textbooks

Similar questions

Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory system
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 Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). 130 units @s 7.20 - $ 60 units @$15.70- 320 units es 6.50 = 120 units @ $15.70 = 570 units @s 6.30- 520 units @s 6.20 710 units @ $15.70- Units Number of units sold Number units remaining in ending inventory 4 FIFO b Moving weighted average 2. Calculate the number of units sold and units remaining in ending inventory. 936.00 942.00 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Cost 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…
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 Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Number of units sold Number units remaining in ending inventory 130 units @ $ 6.90 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @ $ 6.00 = 490 units @ $ 5.90 = 660 units @ $15.40 = a FIFO b. Moving weighted average Units $ 1,450 $ 2. Calculate the number of units sold and units remaining in ending inventory. Cost Ending Inventory 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 610 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…
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 i Oct. 3 Purchased Oct. 5 Sold 110 units @$ 7.80 se units @$16.30- 380 units @$ 7.10 - 130 units @$16.30- 630 units @$ 6.90 - 580 units @s 6.80 - 830 units @$16.30- Assume that Car Armour specifically sold the following units: Jan. 10: 80 units from beginning inventory Mar. 15: 20 units from beginning inventory, and 110 units from the March 7 purchase Oct. 5: 320 units from the July 28 purchase, and 510 units from the October 3 purchase. $ 858.00 1,304.00 2,698.00 2,119.00 4,347.00 3,944.00 13,529.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
T1.