Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3)During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchasetransactions for the year.Number ofUnitTotalDateTransactionUnitsCostCost$ 3,75016,77013,695Jan. 1Beginning inventory50$ 75Purchase21578Маy.Nov. 3Purchase16583430$34,215Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.FIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryCost of GoodsCost of GoodsEndingInventory# of unitsCost per unit# of unitsCost per unit# of unitsCost per unitAvailable for SaleSoldBeginning InventoryPurchases:May 5Nov. 3Total

Name: Brief Exercise 6-5 Calculate ending inventory and cost of goods sold
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Description: Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3)During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchasetransactions for the year.Number

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost $ 3,750 16,770 13,695 $ 75 Beginning inventory Purchase Jan. 1 50 May. 5 Nov. 3 215 78 Purchase 165 83 430 $34,215 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit # of units Cost per unit Available for Sale Beginning Inventory Purchases: May 5 Nov. 3 Total

Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost $ 3,750 16,770 13,695 $ 75 Beginning inventory Purchase Jan. 1 50 May. 5 Nov. 3 215 78 Purchase 165 83 430 $34,215 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit # of units Cost per unit Available for Sale Beginning Inventory Purchases: May 5 Nov. 3 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ces During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Units Cost Total Cost 60 $82 $4,920 250 85 21,250 200 90 18,000 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 31 LIFO Beginning Inventory Purchases May 5 November 3 Total Transaction Beginning inventory Purchase Purchase Cost of Goods Available for Sale Number Cost per of units unit 60 $ 82 250 $ 85 200 $ 90 510 Cost of Goods Available for Sale $ 4,920 S 21,250 18,000 44,170 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit Ending Inventory Number Cost per of units unit Ending Inventory
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