Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of 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 Assume that Car Armour specifically sold the following units: 120 units @$ 6.20 = $ 744.00 70 units @ $14.70 = 1,029.00 220 units @ $5.50 = 1,210.00 125 units @$14.70 = 1,837.50 470 units @ $ 5.30 = 2,491.00 430 units @$ 5.20 = 2,236.00 510 units @ $14.70 = 7,497.00 Jan. 10: 70 units from beginning inventory Mar. 15: 25 units from beginning inventory, and 100 units from the March 7 purchase Oct. 5: 80 units from the July 28 purchase, and 430 units from the October 3 purchase. Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold $ 2,882.00
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of 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 Assume that Car Armour specifically sold the following units: 120 units @$ 6.20 = $ 744.00 70 units @ $14.70 = 1,029.00 220 units @ $5.50 = 1,210.00 125 units @$14.70 = 1,837.50 470 units @ $ 5.30 = 2,491.00 430 units @$ 5.20 = 2,236.00 510 units @ $14.70 = 7,497.00 Jan. 10: 70 units from beginning inventory Mar. 15: 25 units from beginning inventory, and 100 units from the March 7 purchase Oct. 5: 80 units from the July 28 purchase, and 430 units from the October 3 purchase. Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold $ 2,882.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of
product in 2023 as follows:
Jan. 1 Beginning inventory 120 units @$ 6.20 = $ 744.00
Jan. 10 Sold
Mar. 7 Purchased
Mar. 15 Sold
July 28 Purchased
Oct. 3 Purchased
Oct. 5 Sold
70 units @ $14.70 =
220 units @$ 5.50 =
125 units @ $14.70 =
470 units @ $ 5.30 =
430 units @$ 5.20 =
510 units @ $14.70 = 7,497.00
Assume that Car Armour specifically sold the following units:
Jan. 10: 70 units from beginning inventory
Mar. 15: 25 units from beginning inventory, and
100 units from the March 7 purchase
Oct. 5: 80 units from the July 28 purchase, and
430 units from the October 3 purchase
1,029.00
1,210.00
1,837.50
2,491.00
2,236.00
Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
Ending inventory
Cost of goods sold
$ 2,882.00
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