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During the year, Wright Company sells 425 remote-control airplanes for $110 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 1 May 5 Number of Unit Units Cost 60 $79 235 82 170 87 465 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, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost

During the year, Wright Company sells 425 remote-control airplanes for $110 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 1 May 5 Number of Unit Units Cost 60 $79 235 82 170 87 465 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, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost

FINANCIAL ACCOUNTING
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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Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 425 remote-control airplanes for $110 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 1 May 5 November 3 Number of Units 60 235 170 465 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, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Purchase Total Unit Cost $79 82 87 Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost
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 425 remote-control airplanes for $110 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 1 May 5 November 3 Number of Units 60 235 170 465 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, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Purchase Total Unit Cost $79 82 87 Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost
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