Brief Exercise 6-6 (Algo) Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3LIFOBeginning InventoryPurchases:Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.May 5November 3TransactionBeginning inventoryPurchasePurchaseTotalCost of Goods Available for SaleNumberof units40Cost perunit$285 $235 $560656873Number of UnitUnitsCost40$652856823573560Cost of GoodsAvailable for Sale$$2,600Total Cost$2,60019,38017,155$39,13519,38017,15539,135Numberof unitsCost of Goods SoldCost per Cost of GoodsSoldunit0$$0000Ending InventoryNumberof units0Cost per Endingunit Inventory$0

Name: Brief Exercise 6-6 (Algo) Calculate ending inventory and cost of good
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Description: Brief Exercise 6-6 (Algo) Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year

LIFO stands for last in and first out. Using LIFO, the newer inventory is sold first and oldest…

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Brief Exercise 6-6 (Algo) Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO 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 LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ 285 $ 235 $ 560 65 68 73 Number of Units 40 285 235 560 $ Unit Cost Total Cost $65 Cost of Goods Available for Sale 2,600 $ 68 73 19,380 17,155 39,135 $2,600 19,380 17,155 $39,135 Number of units Cost of Goods Sold Cost per unit 0 Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $

Brief Exercise 6-6 (Algo) Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO 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 LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ 285 $ 235 $ 560 65 68 73 Number of Units 40 285 235 560 $ Unit Cost Total Cost $65 Cost of Goods Available for Sale 2,600 $ 68 73 19,380 17,155 39,135 $2,600 19,380 17,155 $39,135 Number of units Cost of Goods Sold Cost per unit 0 Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $

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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