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Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 11 May 5 November 3 Number of Unit Cost $81 84 89 Activity Beginning Inventory Purchase: Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 225 units of inventory from the May 5 purchase, and 175 units from the November 3 purchase. Units 50 245 190 485 Units Sold Unit Cost Total Cost $4,050 20,580 16,910 $41,540 $ Cost of Goods Sold Ending Inventory Units Unit Cost $ 0 0 0 0 0 Ending Inventory Cost $ 0 0 0 0

Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 11 May 5 November 3 Number of Unit Cost $81 84 89 Activity Beginning Inventory Purchase: Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 225 units of inventory from the May 5 purchase, and 175 units from the November 3 purchase. Units 50 245 190 485 Units Sold Unit Cost Total Cost $4,050 20,580 16,910 $41,540 $ Cost of Goods Sold Ending Inventory Units Unit Cost $ 0 0 0 0 0 Ending Inventory Cost $ 0 0 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 11 May 5 November 3 Number of Unit Cost $81 84 89 Activity Beginning Inventory Purchase: Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 225 units of inventory from the May 5 purchase, and 175 units from the November 3 purchase. Units 50 Units Sold 245 190 485 Unit Cost Total Cost $4,050 20,580 16,910 $41,540 Cost of Goods Sold Ending Inventory Units Unit Cost $ $ 0 0 0 0 0 Ending Inventory Cost $ 0 0 0 0
Transcribed Image Text:Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 11 May 5 November 3 Number of Unit Cost $81 84 89 Activity Beginning Inventory Purchase: Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 225 units of inventory from the May 5 purchase, and 175 units from the November 3 purchase. Units 50 Units Sold 245 190 485 Unit Cost Total Cost $4,050 20,580 16,910 $41,540 Cost of Goods Sold Ending Inventory Units Unit Cost $ $ 0 0 0 0 0 Ending Inventory Cost $ 0 0 0 0
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