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 @s 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 - Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Units 2,290 $ Number of units sold Number units remaining in ending inventory Cost 2. Calculate the number of units sold and units remaining in ending inventory Ending Inventory 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 21,762 840 1,450 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 of Goods Sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Kk.11.

 

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.
Oct.
3 Purchased
5 Sold
Total goods available for sale
130 units @s 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-
Required:
1. Calculate the total goods available for sale (in units and cost)
Number of units sold
Number units remaining in ending inventory
Units
611
Cost
2.290 $ 21,762
2. Calculate the number of units sold and units remaining in ending inventory.
Ending
Inventory
1,798.00
1,848.00
3,240.00
2,891.00
10,164.00
840
1,450
897.00
924.00
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.)
Cost of Goods
Sold
Transcribed Image Text: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. Oct. 3 Purchased 5 Sold Total goods available for sale 130 units @s 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- Required: 1. Calculate the total goods available for sale (in units and cost) Number of units sold Number units remaining in ending inventory Units 611 Cost 2.290 $ 21,762 2. Calculate the number of units sold and units remaining in ending inventory. Ending Inventory 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 1,450 897.00 924.00 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.) Cost of Goods Sold
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