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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 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase Transaction Number of Unit Units Cost $66 69 74 60 280 230 570 Total Cost $3,960 19,320 17,020 $40,300

Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase Transaction Number of Unit Units Cost $66 69 74 60 280 230 570 Total Cost $3,960 19,320 17,020 $40,300

FINANCIAL ACCOUNTING
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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Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Transaction Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase FIFO Beginning Inventory Purchases: May 5 Nov. 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Sold Cost per unit Total Number of Unit Units Cost 60 280 230 570 Cost of Goods #of units Cost per unit 60 $ 66 280 $ 230 $ 570 vailable for Sale 69 74 $66 69 74 $ $ Total Cost $ 3,960 19,320 17,020 $40,300 Cost of Goods Available for Sale 3,960 19,320 17,020 40,300 # of units 60 $ 280 $ $ 340 66 69 74 Cost of Goods Sold $ $ 3,960 19,320 0 23,280 #of units 0 0 0 Ending Inventory Cost per unit Ending Inventory $ 0
Transcribed Image Text:Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Transaction Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase FIFO Beginning Inventory Purchases: May 5 Nov. 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Sold Cost per unit Total Number of Unit Units Cost 60 280 230 570 Cost of Goods #of units Cost per unit 60 $ 66 280 $ 230 $ 570 vailable for Sale 69 74 $66 69 74 $ $ Total Cost $ 3,960 19,320 17,020 $40,300 Cost of Goods Available for Sale 3,960 19,320 17,020 40,300 # of units 60 $ 280 $ $ 340 66 69 74 Cost of Goods Sold $ $ 3,960 19,320 0 23,280 #of units 0 0 0 Ending Inventory Cost per unit Ending Inventory $ 0
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