During the year, Wright Company sells 400 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Units Unit Total Transaction Cost Cost Date $ 73 76 Beginning inventory Purchase $4,380 15,580 12,555 Jan. 1 60 205 155 Мay. 5 Nov. 3 Purchase 81 $32,515 420 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Ending Inventory Cost of Goods # of units # of units Cost per unit Cost per unit # of units Cost per unit Available for Sale Sold Beginning Inventory $ 0 Purchases: May 5 0 0 0 Nov. 3 0 0 $ $ $ 0 0 0 O Total EAEA During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units Unit Total Transaction Date Cost Cost $ 62 65 $ 2,480 19,500 17,500 $39,480 Beginning inventory Purchase Jan. 1 40 Маy. 5 Nov. 3 300 250 Purchase 70 590 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO Ending Inventory LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Cost of Goods # of units Cost per unit Inventory Cost of Goods Cost per unit Cost per unit # of units #of units Available for Sale Sold Beginning Inventory $ $ 0 0 Purchases: May 5 0 0 0 Nov. 3 0 0 0 0 Total O
During the year, Wright Company sells 400 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Units Unit Total Transaction Cost Cost Date $ 73 76 Beginning inventory Purchase $4,380 15,580 12,555 Jan. 1 60 205 155 Мay. 5 Nov. 3 Purchase 81 $32,515 420 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Ending Inventory Cost of Goods # of units # of units Cost per unit Cost per unit # of units Cost per unit Available for Sale Sold Beginning Inventory $ 0 Purchases: May 5 0 0 0 Nov. 3 0 0 $ $ $ 0 0 0 O Total EAEA During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units Unit Total Transaction Date Cost Cost $ 62 65 $ 2,480 19,500 17,500 $39,480 Beginning inventory Purchase Jan. 1 40 Маy. 5 Nov. 3 300 250 Purchase 70 590 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO Ending Inventory LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Cost of Goods # of units Cost per unit Inventory Cost of Goods Cost per unit Cost per unit # of units #of units Available for Sale Sold Beginning Inventory $ $ 0 0 Purchases: May 5 0 0 0 Nov. 3 0 0 0 0 Total O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LIFO and FIFO. What is the differences? Examples
Transcribed Image Text:During the year, Wright Company sells 400 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Number of
Units
Unit
Total
Transaction
Cost
Cost
Date
$ 73
76
Beginning inventory
Purchase
$4,380
15,580
12,555
Jan. 1
60
205
155
Мay. 5
Nov. 3
Purchase
81
$32,515
420
Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
FIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of Goods
Ending
Inventory
Cost of Goods
# of units
# of units
Cost per unit
Cost per unit
# of units
Cost per unit
Available for Sale
Sold
Beginning Inventory
$
0
Purchases:
May 5
0
0
0
Nov. 3
0
0
$
$
$
0
0
0
O
Total
EAEA
Transcribed Image Text:During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase
transactions for the year.
Number of
Units
Unit
Total
Transaction
Date
Cost
Cost
$ 62
65
$ 2,480
19,500
17,500
$39,480
Beginning inventory
Purchase
Jan. 1
40
Маy. 5
Nov. 3
300
250
Purchase
70
590
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO
Ending Inventory
LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending
Cost of Goods # of units Cost per unit Inventory
Cost of Goods
Cost per unit
Cost per unit
# of units
#of units
Available for Sale
Sold
Beginning Inventory
$
$
0
0
Purchases:
May 5
0
0
0
Nov. 3
0
0
0
0
Total
O
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