Brief Exercise 6-7 (Algo) Determine the cost of goods sold and ending inventory using weighted- average cost (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. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 40 $ 65 $ 2,600 285 68 19,380 November 3 Purchase 235 73 17,155 $ 560 39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. Note: Round your average cost per unit to 4 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Number of units Average Cost per unit Cost of Goods Available for Sale Number of units sold Average Cost Cost of Goods per Unit Sold ending inventory Average Cost per unit Ending Inventory-Weighted Average Cost Number of units in Ending Inventory 40 $ 2,600 Beginning Inventory Purchases: May 5 285 19,380 November 3 235 17,155 Total 560 $ 69.8750 $ 39,135 $ 0.00 $ 0.00
Brief Exercise 6-7 (Algo) Determine the cost of goods sold and ending inventory using weighted- average cost (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. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 40 $ 65 $ 2,600 285 68 19,380 November 3 Purchase 235 73 17,155 $ 560 39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. Note: Round your average cost per unit to 4 decimal places. Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Number of units Average Cost per unit Cost of Goods Available for Sale Number of units sold Average Cost Cost of Goods per Unit Sold ending inventory Average Cost per unit Ending Inventory-Weighted Average Cost Number of units in Ending Inventory 40 $ 2,600 Beginning Inventory Purchases: May 5 285 19,380 November 3 235 17,155 Total 560 $ 69.8750 $ 39,135 $ 0.00 $ 0.00
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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