H1. Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particularproduct in 2023 as follows:Jan. 1 Beginning inventoryJan. 10 SoldMar. 7 PurchasedMar. 15 SoldJuly 28 PurchasedOct. 3 PurchasedOct. 5 Sold120 units @$ 7.1070 units @$15.60310 units @$ 6.40125 units @ $15.60560 units @$ 6.20-510 units @$ 6.10680 units @ $15.60Total goods available for saleUnits$Required:1. Calculate the total goods available for sale (in units and cost).Cos852.001,092.001,984.001,950.003,472.003,111.0010,608.00 Caw112. Also calculate the gross profit under each method. (Do not round intermediate calculations. Round your final answersdecimal places.)a FIFOb. Moving weighted averageGross Profit< Prev4 of 4⠀Next

FIFO -FIFO stands for first in first out . It is a method of inventory valuation in which the goods…

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 120 units @$ 7.10 70 units @$15.60 310 units @5 6.40- 125 units @$15.60 560 units @S 6.20- 510 units #5 6.10 680 units $15.60 Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Units $ Cost 852.00 1,092.00 1,984.00 1,950.00 3,472.00 3,111.00 10,608.00

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 120 units @$ 7.10 70 units @$15.60 310 units @5 6.40- 125 units @$15.60 560 units @S 6.20- 510 units #5 6.10 680 units $15.60 Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Units $ Cost 852.00 1,092.00 1,984.00 1,950.00 3,472.00 3,111.00 10,608.00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
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…
Data for the next 6 questions: 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 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 Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…
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 @ $15.70- Units Number of units sold Number units remaining in ending inventory 4 FIFO b Moving weighted average 2. Calculate the number of units sold and units remaining in ending inventory. 936.00 942.00 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Cost 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending Inventory and to goods sold under: (Do not round the Intermediate calculations and round the final answers to…
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased i Oct. 3 Purchased Oct. 5 Sold 110 units @$ 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.)
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