Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases: Transaction. Beginning inventory Purchase Purchase May 5 November 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 40 300 250 Cost per unit $ Number of Units 40 300 250 590 62 65 70 Cost of Goods Available for Sale $ 2,480 19.500 Unit Cost $62 65 70 17 500 Total Cost $2,480 19,500 17,500 $39,480 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory
Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases: Transaction. Beginning inventory Purchase Purchase May 5 November 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 40 300 250 Cost per unit $ Number of Units 40 300 250 590 62 65 70 Cost of Goods Available for Sale $ 2,480 19.500 Unit Cost $62 65 70 17 500 Total Cost $2,480 19,500 17,500 $39,480 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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