Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particularproduct in 2020 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 PurchasedOct. 5 Sold110 units @ $ 7.3080 units @ $15.80330 units @ $ 6.60130 units @ $15.80580 units @ $ 6.40530 units @ $6.30710 units @ $15.80Total goods available for saleUnits===Cost=Required:1. Calculate the total goods available for sale (in units and cost).=$ 803.001,264.002,178.002,054.003,712.003,339.0011,218.00 2. Calculate the number of units sold and units remaining in ending inventory.Number of units soldNumber units remaining in ending inventory3. 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.)a. FIFOb. Moving weighted averageEndingInventoryCost of GoodsSold

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Answered: Car Armour sells car wash cleaners. Car…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
Total goods available for sale
Units
=
=
=
Cost
=
Required:
1. Calculate the total goods available for sale (in units and cost).
=
$ 803.00
1,264.00
2,178.00
2,054.00
3,712.00
3,339.00
11,218.00

2. Calculate the number of units sold and units remaining in ending inventory.
Number of units sold
Number 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.)
a. FIFO
b. Moving weighted average
Ending
Inventory
Cost of Goods
Sold

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Hi thank you for your assiatance.When I submit the answer for the attached I asked over here yesterday.

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.)

FIFO : Cost of goods sold $6988.00 is incorrect? can you please help why.

Number of units sold
Number units remaining in ending inventory
Answer is complete and correct.
a.
b
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.)
920
630
FIFO
Moving weighted average
> Answer is complete but not entirely correct.
Ending
Inventory
Cost of
Goods Sold
$
$
› ›
3,979 $
4,035 $
6,988 x
5,997

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