Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.Number ofUnitTotalDateTransactionUnitsCostCost$ 2,84018,870Jan. 1Beginning inventory40$ 71Маy.5Purchase25574Nov. 3Purchase2057916,195500$37,905Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.LIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryEndingInventoryCost of GoodsCost of Goods# of unitsCostper unit# of unitsCost per unit# of units Cost per unitAvailable for SaleSoldBeginning InventoryPurchases:May 5Nov. 3Total

Name: Brief Exercise 6-6 Calculate ending inventory and cost of goods sold
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Description: Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.Number

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Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Transaction Beginning inventory Date Units Cost Cost $ 2,840 18,870 16,195 Jan. 1 40 $ 71 May. 5 Nov. 3 Purchase 255 74 Purchase 205 79 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit Beginning Inventory Purchases: May 5 Nov. 3 Total

Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Transaction Beginning inventory Date Units Cost Cost $ 2,840 18,870 16,195 Jan. 1 40 $ 71 May. 5 Nov. 3 Purchase 255 74 Purchase 205 79 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit 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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(b2) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, eg. 1.250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ 5 $ Save for Later Attempts: 0 of 3 used (c) The parts of this question must be completed in order. This part will be available when you complete the part above. PRA Submit Answer
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple 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 Date Transaction Units Cost Total Cost $ 4,920 21,250 18,000 $ 82 Beginning inventory Purchase 60 Jan. 1 250 85 May. 5 Nov. 3 Purchase 200 90 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. X Answer is not complete. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for # of units Cost per unit Ending Inventory # of # of units Cost per unit Cost per unit Cost of Goods Sold units Sale Beginning Inventory Purchases: 60 O $ 82 O $ 4,920 82 2$ May 5 250 O S 85 O 21,250 250 O $ 85 21,250 Nov. 3 200 O S 90 V 18,000 200 O s 90 18,000 470 X S 90 42,300 Total 510 44,170 450 39,250 470 $ 42,300
urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.
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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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A company had the folowing purchases during its first year of operations Purchases January, 10 units at $120 February 20 units at $130 May 15 units at 5140 September. 12 units at $150 November: 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from february, 6 from May, 4 trom September, and 10 from November. Lising the specific identification method, what is the cost of the ending inventory?
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