Homework Help is Here – Start Your Trial Now!
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. 18 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 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 @s 6.00- 490 units @s 5.90- 660 units @$15.40= Required: 1. Calculate the total goods available for sale (in units and cost). Units Number of units sold Number units remaining in ending inventory FIFO Moving weighted average 1,450 $ S 2. Calculate the number of units sold and units remaining in ending inventory. Ending Inventory Cost 1.450 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 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.) 897.00 924.00 8,826 Cost of Goods Sold K

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. 18 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 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 @s 6.00- 490 units @s 5.90- 660 units @$15.40= Required: 1. Calculate the total goods available for sale (in units and cost). Units Number of units sold Number units remaining in ending inventory FIFO Moving weighted average 1,450 $ S 2. Calculate the number of units sold and units remaining in ending inventory. Ending Inventory Cost 1.450 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 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.) 897.00 924.00 8,826 Cost of Goods Sold K

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
See similar textbooks
icon
Related questions
Question

T1.

 

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. 18 Sold Mar. 7. Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 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 @s 6.00- 490 units @s 5.90- 660 units @$15.40- Required: 1. Calculate the total goods available for sale (in units and cost). Units Number of units sold Number units remaining in ending inventory FIFO bMoving weighted average 1,450 $ Cost 2. Calculate the number of units sold and units remaining in ending inventory. Ending Inventory S 1,450 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 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.) 8,820 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. 18 Sold Mar. 7. Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 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 @s 6.00- 490 units @s 5.90- 660 units @$15.40- Required: 1. Calculate the total goods available for sale (in units and cost). Units Number of units sold Number units remaining in ending inventory FIFO bMoving weighted average 1,450 $ Cost 2. Calculate the number of units sold and units remaining in ending inventory. Ending Inventory S 1,450 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 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.) 8,820 Cost of Goods Sold
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS