During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3LIFOBeginning InventoryPurchases:May 5November 3TransactionBeginning inventoryPurchasePurchaseTotalCalculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.Numberof units60Cost of Goods Available for SaleCost perunit$205 $110 S375737681Number of UnitCost$737681Units60S205110375$Cost of GoodsAvailable for Sale4,380TotalCost$4,38015,5808,91028,87015,5808,910$28,870Numberof unitsCost of Goods Sold0Cost per Cost of GoodsunitSold$$0000Ending InventoryCost perunitNumberof units0EndingInventory$0

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Description: During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3LIFOBeginning InventoryPurchases:May 5November 3TransactionBeginn

The inventory can be valued using various methods as FIFO, LIFO and average method. LIFO stands for…

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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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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