Brief Exercise 6-7 (Algo) Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3) During the year, Wright Company sells 565 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Weighted Average Cost Beginning Inventory Purchases: Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) May 5 November 3 Total Cost of Goods Available for Sale Number Average Cost per unit of units Number of Units 60 295 245 600 60 295 245 600 Cost of Goods Sold - Weighted Average Cost Cost of Goods Number Available for of units Sale sold $ $ Unit Cost $63 66 71 3,780 Total Cost $3,780 19,470 17,395 $40,645 19,470 17,395 40,645 Average Cost Cost of Goods Sold per Unit Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory

Brief Exercise 6-7 (Algo) Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3) During the year, Wright Company sells 565 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Weighted Average Cost Beginning Inventory Purchases: Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) May 5 November 3 Total Cost of Goods Available for Sale Number Average Cost per unit of units Number of Units 60 295 245 600 60 295 245 600 Cost of Goods Sold - Weighted Average Cost Cost of Goods Number Available for of units Sale sold $ $ Unit Cost $63 66 71 3,780 Total Cost $3,780 19,470 17,395 $40,645 19,470 17,395 40,645 Average Cost Cost of Goods Sold per Unit Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory

Name: Brief Exercise 6-7 (Algo) Calculate ending inventory and cost of good
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Description: Brief Exercise 6-7 (Algo) Calculate ending inventory and cost of goods sold using weighted-average cost(LO6-3)During the year, Wright Company sells 565 remote-control airplanes for $110 each. The company has the following inventory purchasetransacti

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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