Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. car armour sells car wash cleaners. car armour use

Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made...

70.2K

Verified Solution

Question

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 110 units @ $ 7.80 = $ 858.00
Jan. 10 Sold 80 units @ $ 16.30 = 1,304.00
Mar. 7 Purchased 380 units @ $ 7.10 = 2,698.00
Mar. 15 Sold 130 units @ $ 16.30 = 2,119.00
July 28 Purchased 630 units @ $ 6.90 = 4,347.00
Oct. 3 Purchased 580 units @ $ 6.80 = 3,944.00
Oct. 5 Sold 830 units @ $ 16.30 = 13,529.00

Assume that Car Armour specifically sold the following units:

Jan. 10: 80 units from beginning inventory
Mar. 15: 20 units from beginning inventory, and
110 units from the March 7 purchase
Oct. 5: 320 units from the July 28 purchase, and
510 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.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

5. Describe what we know about the theoretical distribution of sample means. Be sure to include answers...

Basic Math
Q

Which problem was demonstrated by events at Rosewood in 1923 O growing strength of the...

Biology
Q

30 Oscillations 24 A particle is performing SHM with amplitude A and time period T...

Physics
Q

What is one solution to cos x 1 sin x for the interval 0 x...

Algebra
Q

During Heaton Company's first two years of operations, it reported absorption costing net operating...

Accounting
Q

How do you complete an activity based cost system and a customer profitabilty statement for...

Accounting
Q

Sales returns/allowances require careful control. Allowances require that: Review and approval by an independent party...

Accounting
Q

Fox Corporation provides Luke, age 58, with $370,000 of group term life insurance coverage. Luke...

Accounting
Q

On January 1, 2018, Adams-Meneke Corporation granted 60 million incentive stock options to division managers,...

Accounting
Q

Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and...

Accounting
Q

(Loan amortization) Mr. Bill S. Preston, Esq., purchased a new house for $200,000. He paid...

Finance
Q

Niklos Boot Co. sells mens, womens, and childrens boots. For each type of boot sold,...

Accounting