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
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Author:Gary A. Porter, Curtis L. Norton
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Chapter5: Inventories And Cost Of Goods Sold
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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
Transcribed Image Text: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
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