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Calculate cost to be assigned to ending inventory

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Reference no: EM132947104

Question - 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 i..s @ $6.90 = $759.00

Jan. 10 Sold 80 units @ $..s @ $6.20 = 1,798.00

Mar. 15 Sold 130 units @ $..s @ $6.00 = 3,240.00

Oct. 3 Purchased 490 units @ $..s @ $15.40 = 10,010.00

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: 18 5units from the July 28 purchase, and 465 units from the October 3 purchase.

Required - Calculate cost to be assigned to ending inventory and cost of goods sold.

Reference no: EM132947104

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