During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchas transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase 15,580 8,910 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Total Number of units 60 $ Cost of Goods Available for Sale Cost per unit 205 $ 110 $ 375 Number of Unit Cost $73 76 81 73 $ 76 81 Units 60 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 Cost of Goods Sold Number Cost per Cost of Goods of units unit Sold 0 $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units Ending Inventory

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Date
January 1
May 5
November 3
LIFO
Beginning Inventory
Purchases:
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Total
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
Number
of units
60
Cost of Goods Available for Sale
Cost per
unit
$
205 $
110 S
375
73
76
81
Number of Unit
Cost
$73
76
81
Units
60
S
205
110
375
$
Cost of Goods
Available for Sale
4,380
Total
Cost
$4,380
15,580
8,910
28,870
15,580
8,910
$28,870
Number
of units
Cost of Goods Sold
0
Cost per Cost of Goods
unit
Sold
$
$
0
0
0
0
Ending Inventory
Cost per
unit
Number
of units
0
Ending
Inventory
$
0
Transcribed Image Text:During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Number of units 60 Cost of Goods Available for Sale Cost per unit $ 205 $ 110 S 375 73 76 81 Number of Unit Cost $73 76 81 Units 60 S 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 15,580 8,910 $28,870 Number of units Cost of Goods Sold 0 Cost per Cost of Goods unit Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
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