Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particularproduct in 2020 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 PurchasedOct. 5 Sold130 units @$ 6.40-$60 units @ $14.90 =240 units @ $ 5.70 =120 units @ $14.90 =490 units @ $ 5.50 =440 units @ $ 5.40 =550 units @ $14.90 =Assume that Canadian Tire specifically sold the following units:Jan. 10: 60 units from beginning inventoryMar. 15: 30 units from beginning inventory, and90 units from the March 7 purchaseOct. 5: 110 units from the July 28 purchase, and440 units from the October 3 purchase832.00894.001,368.001,788.002,695.002,376.008,195.00Ending inventoryCost of goods soldCalculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)

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Description: Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particularproduct in 2020 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 P

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Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased. Oct. 5 Sold 130 units @$ 6.40 = $ 60 units @ $14.90 240 units @$ 5.70 120 units @ $14.90- 490 units @$ 5.50- 2,695.00 440 units @$ 5.40 2,376.00 550 units @ $14.90 = 8,195.00 832.00 894.00 Jan. 10: 60 units from beginning inventory Mar. 15: 30 units from beginning inventory, and 90 units from the March 7 purchase Assume that Canadian Tire specifically sold the following units: Oct. 5: 110 units from the July 28 purchase, and 440 units from the October 3 purchase 1,368.00 1,788.00 Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)

Canadian Tire sells car wash cleaners. Canadian Tire uses a perpetual inventory system and made purchases and sales of a particular product in 2020 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased. Oct. 5 Sold 130 units @$ 6.40 = $ 60 units @ $14.90 240 units @$ 5.70 120 units @ $14.90- 490 units @$ 5.50- 2,695.00 440 units @$ 5.40 2,376.00 550 units @ $14.90 = 8,195.00 832.00 894.00 Jan. 10: 60 units from beginning inventory Mar. 15: 30 units from beginning inventory, and 90 units from the March 7 purchase Assume that Canadian Tire specifically sold the following units: Oct. 5: 110 units from the July 28 purchase, and 440 units from the October 3 purchase 1,368.00 1,788.00 Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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