Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows:
Jan. | 1 | Beginning inventory | 130 | units | @ | $ | 8.00 | = | $ | 1,040.00 | ||
Jan. | 10 | Sold | 60 | units | @ | $ | 16.50 | = | 990.00 | |||
Mar. | 7 | Purchased | 400 | units | @ | $ | 7.30 | = | 2,920.00 | |||
Mar. | 15 | Sold | 120 | units | @ | $ | 16.50 | = | 1,980.00 | |||
July | 28 | Purchased | 650 | units | @ | $ | 7.10 | = | 4,615.00 | |||
Oct. | 3 | Purchased | 600 | units | @ | $ | 7.00 | = | 4,200.00 | |||
Oct. | 5 | Sold | 870 | units | @ | $ | 16.50 | = | 14,355.00 | |||
Assume that Car Armour specifically sold the following
units:
Jan. | 10: | 60 | units from beginning inventory |
Mar. | 15: | 30 | units from beginning inventory, and |
90 | units from the March 7 purchase | ||
Oct. | 5: | 350 | units from the July 28 purchase, and |
520 | 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.)
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