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

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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:
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Total
Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
Number
of units
Cost of Goods Available for Sale
40
300
250
590
Cost per
unit
$
62
65
70
Number of
Units
40
300
250
590
$
Cost of Goods
Available for Sale
2,480
$
Unit
Cost
$62
65
70
19,500
17,500
39,480
Total Cost
$2,480
19,500
17,500
$39,480
Number
of units
Cost of Goods Sold
Cost per Cost of Goods
unit
Sold
Ending Inventory
Number Cost per
of units
Ending
unit Inventory
Transcribed Image Text: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: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Number of units Cost of Goods Available for Sale 40 300 250 590 Cost per unit $ 62 65 70 Number of Units 40 300 250 590 $ Cost of Goods Available for Sale 2,480 $ Unit Cost $62 65 70 19,500 17,500 39,480 Total Cost $2,480 19,500 17,500 $39,480 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold Ending Inventory Number Cost per of units Ending unit Inventory
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