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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 2023 as follows Jan. 1 Beginning inventory Jan. 10 Sold Har 7 Purchased Har. 15 Sold July 28 Purchased Oct. 3 Purchased oct. 5 sold. Total goods available for sale 130 units @$ 7.20 S 60 units @ $15.70 320 units @s 6.50 120 units $15.70 570 units es 6.30 Required: 1. Calculate the total goods available for sale on units and cost) Number of units sold Number units remaining in ending inventory 520 units @s 6.20- 710 units @$15.70 FIFO Moving weghted average Units 71540 S Cost 2. Calculate the number of units sold and units remaining in ending inventory Ending Inventory 936.00 942.00 2,000.00 1,884.00 3,591.00 3,224.00 11,147.00 090 650 9331 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 whele dollars Cost of Goods Sold

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 Har 7 Purchased Har. 15 Sold July 28 Purchased Oct. 3 Purchased oct. 5 sold. Total goods available for sale 130 units @$ 7.20 S 60 units @ $15.70 320 units @s 6.50 120 units $15.70 570 units es 6.30 Required: 1. Calculate the total goods available for sale on units and cost) Number of units sold Number units remaining in ending inventory 520 units @s 6.20- 710 units @$15.70 FIFO Moving weghted average Units 71540 S Cost 2. Calculate the number of units sold and units remaining in ending inventory Ending Inventory 936.00 942.00 2,000.00 1,884.00 3,591.00 3,224.00 11,147.00 090 650 9331 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 whele dollars Cost of Goods Sold

FINANCIAL ACCOUNTING
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 2023 as follows Jan. 1 Beginning inventory Jan. 10 Sold Har. 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 on units and cost) 130 units @$ 7.20 1 60 units @ $15.70 320 units @s 6.50- 120 units @ $15.70 570 units @s 6.30- Number of units sold Number units remaining in ending inventory AFFO 2,000.00 1,884.00 2,501.00 520 units @$.6.20= 3,224.00 710 units @ $15.70 11,147.00 Units Maving weghted average 1540 S 2. Calculate the number of units cold and units remaining in ending inventory Cost Ending Inventory 9331 090 650 3. Determine the share of the cost of goods avariable for sale calculated in Part 1 that should be assigned to ending inventary and to goods sold under. (Do not round the intermediate calculations and round the final answers to nearest whole dollars 936.00 942.00 Cost of Goods Sold
Transcribed Image Text:Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows Jan. 1 Beginning inventory Jan. 10 Sold Har. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased oct. 5 sold Total goods available for sale Required: 1. Calculate the total goods available for sale on units and cost) 130 units @$ 7.20 1 60 units @ $15.70 320 units @s 6.50- 120 units @ $15.70 570 units @s 6.30- Number of units sold Number units remaining in ending inventory AFFO 2,000.00 1,884.00 2,501.00 520 units @$.6.20= 3,224.00 710 units @ $15.70 11,147.00 Units Maving weghted average 1540 S 2. Calculate the number of units cold and units remaining in ending inventory Cost Ending Inventory 9331 090 650 3. Determine the share of the cost of goods avariable for sale calculated in Part 1 that should be assigned to ending inventary and to goods sold under. (Do not round the intermediate calculations and round the final answers to nearest whole dollars 936.00 942.00 Cost of Goods Sold
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