Need help with number question number 33. 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.)Please explain in detail how you got the numbers for the calculations. For example in detail why and how 130 units - 60 units = 70 units and etc etc. Please and thank you, A table is confusing but if you do make a table just explain step by step. Thanks a lot. 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and togoods sold under: (Do not round the intermediate calculations and round the final answers to nearest whole dollar.)EndingInventoryCost of GoodsSolda. FIFOb. Moving weighted average Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particularproduct in 2020 as follows:130 units @ $ 7.20 = $60 units @ $15.70 =320 units @ $ 6.50120 units @ $15.70570 units @ $ 6.30520 units @ $ 6.20710 units @ $15.70Jan.1 Beginning inventory936.00Jan. 10 Sold942.002,080.001,884.003,591.003,224.0011,147.00Mar. 7 Purchased%3DMar. 15 Sold%3DJuly 28 Purchased3 Purchased5 SoldOct.%3DOct.%3DRequired:1. Calculate the total goods available for sale (in units and cost).UnitsCostTotal goods available for sale1,5402$9,8312. Calculate the number of units sold and units remaining in ending inventory.Number of units sold890Number units remaining in ending inventory650

First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

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: 1 Beginning inventory 130 units @ $ 7.20 60 units @ $15.70 320 units @ $ 6.50 120 units @ $15.70 570 units @ $ 6.30 520 units @$ 6.20 710 units @ $15.70 = Jan. 24 936.00 Jan. 10 Sold 942.00 7 Purchased 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Mar. Mar. 15 Sold July 28 Purchased 3 Purchased Oct. Oct. 5 Sold I| || || || ||

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: 1 Beginning inventory 130 units @ $ 7.20 60 units @ $15.70 320 units @ $ 6.50 120 units @ $15.70 570 units @ $ 6.30 520 units @$ 6.20 710 units @ $15.70 = Jan. 24 936.00 Jan. 10 Sold 942.00 7 Purchased 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Mar. Mar. 15 Sold July 28 Purchased 3 Purchased Oct. Oct. 5 Sold I| || || || ||

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

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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 = 440 units @ $ 5.40 = 550 units @ $14.90 = Assume that Canadian Tire 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: 110 units from the July 28 purchase, and 440 units from the October 3 purchase 832.00 894.00 1,368.00 1,788.00 2,695.00 2,376.00 8,195.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
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. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased oct. 3 Purchased Oct. 5 sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). 130 units @s 7.20 - $ 60 units @$15.70- 320 units es 6.50 = 120 units @ $15.70 = 570 units @s 6.30- 520 units @s 6.20 710 units @ $15.70- Units Number of units sold Number units remaining in ending inventory 4 FIFO b Moving weighted average 2. Calculate the number of units sold and units remaining in ending inventory. 936.00 942.00 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Cost 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…
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. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Number of units sold Number units remaining in ending inventory 130 units @ $ 6.90 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @ $ 6.00 = 490 units @ $ 5.90 = 660 units @ $15.40 = a FIFO b. Moving weighted average Units $ 1,450 $ 2. Calculate the number of units sold and units remaining in ending inventory. Cost Ending Inventory 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 610 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…
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. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased i Oct. 3 Purchased Oct. 5 Sold 110 units @$ 7.80 se units @$16.30- 380 units @$ 7.10 - 130 units @$16.30- 630 units @$ 6.90 - 580 units @s 6.80 - 830 units @$16.30- 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. $ 858.00 1,304.00 2,698.00 2,119.00 4,347.00 3,944.00 13,529.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020 for $15 3.One item on 2/25/2020 for $20 ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020. Find the Ending Inventory and Cost of good Sold by : FIFO?Average cost?
Zeller Company sells gadgets and uses the perpetual inventory system. During the month of January 2020, the number of gadgets purchased and sold was as follows: Purchased Date Units Cost 01-Jan 100 2.00 03-Jan 150 4.00 08-Jan 200 4.50 15-Jan 250 5.00 27-Jan 100 6.00 Sold 10-Jan 250* 20-Jan 350** Assume the January 10 units were sold on account for $10 each, and the January 20 units were sold on account for $11 each. *for specific identification, sold 100 units of Jan 1 and 150 units of Jan 8 (Jan 10 sale) **for specific identification, sold 100 units of Jan 3 and 250 from Jan 15 (Jan 20 sale) Required: Complete the inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: 1. а. FIFO b. Specific identification Weighted average с. Prepare the journal entries required to record purchases and sales using the Weighted Average inventory cost flow assumption. 2. Calculate the sum of cost of goods sold…
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit. 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory. Please don't provide solution in an image thanku
You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 45. New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit 46. Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit 47. Assume New Horizon paid for the above purchase after the…
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit. 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory.
The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
Fill in the blanks. The inventory records of Machiatto Company in January 2020 show the following informations eachers Balance on January 1, 2020 Units Unit cost Purchases 3,000 P15.00 Students 01.06.2020 01.23.2020 10,200 17.00 Classes 2,600 Sales 18.50 01.07.2020 2,800 01.31.2020 7.500 ermediate Founting 10 Compute the ending and cost of goods sold under the following cost formulas A1C Living Ending Inventory Cost of Geeds Seld the IT Ere ona Sem SY 020-2021 a FIFO b Weighted average - Periodic (Round to bwo decimals the unit cost) NCEPTUAL AMEWORK AND COUNTING b Weighted average - Perpetual (always round to two decimals the unit cost) ANDARDS BSA 1C ONOMIC ( Previous ELOPMENT BSA1 C P Type here to search
Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7 Units were sold for the following amount: June 10 10 $11 June 27 20 $12 *for specific identification, units sold on June 10 came from: Opening inventory 0 Jan. 3 purchase 380 Jan. 8 purchase 320 700 **for specific identification, units sold on June 20 came from: Opening inventory 0…