During the year, Wright Company sells 370 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO otal Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase $2,960 16,170 13,120 $32,250 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Number of units Cost of Goods Available for Sale 40 210 160 410 Cost per unit $ 74 Number of Unit Units Cont 40 674 77 82 77 82 210 160 410 $ Cost of Goods Available for Sale S 2,960 Total Cont 16,170 13,120 32,250 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory

During the year, Wright Company sells 370 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO otal Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase $2,960 16,170 13,120 $32,250 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Number of units Cost of Goods Available for Sale 40 210 160 410 Cost per unit $ 74 Number of Unit Units Cont 40 674 77 82 77 82 210 160 410 $ Cost of Goods Available for Sale S 2,960 Total Cont 16,170 13,120 32,250 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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Question

davuben

During the year, Wright Company sells 370 remote-control airplanes for $120 each. The company has the following inventory purchase
transactions for the year.
Date
January 1
May 5
November 3
FIFO
Total
Beginning Inventory
Purchases:
May 5
November 3
Transaction
Beginning inventory
Purchase
Purchase
Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
Cost of Goods Available for Sale
Number
of units
40
210
160
410
Cost per
unit
$
74
Number of Unit
Units
40
Cont
$74
210
77
160
410
77
82
Cost of Goods
Available for Sale
2,960
$
$
Total
Cont
$2,960
16,170
13,120
$32,250
16,170
13,120
32,250
Number
of units
Cost of Goods Sold
Cost per
unit
Cost of Goods
Sold
Ending Inventory
Cost per
unit
Number
of units
Ending
Inventory

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