During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase cransactions for the year. Number Date Transaction of Units Unit Cost Total Cost Jan. 1 $79 $ 4,740 Beginning inventory Purchase 60 May 5 Nov. 3 235 82 19,270 Purchase 170 87 14,790 465 $ 38,800 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase cransactions for the year. Number Date Transaction of Units Unit Cost Total Cost Jan. 1 $79 $ 4,740 Beginning inventory Purchase 60 May 5 Nov. 3 235 82 19,270 Purchase 170 87 14,790 465 $ 38,800 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 43P
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Question
![During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Number
Date
Transaction
of Units
Unit Cost Total Cost
$ 4,740
19,270
14,790
Jan. 1
$79
Beginning inventory
Purchase
60
Мay 5
Nov. 3
235
82
Purchase
170
87
465
$ 38,800
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Average
# of units Cost per
Average
# of units Cost per
unit
Cost of
Goods
Average
Cost
Goods
Ending
Inventory
# of units
Available
unit
for Sale
Sold
per unit
Beginning Inventory
$
$
$
Purchases:
May 5
$
Nov. 3
$
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5de9392-2d38-4421-a863-2e8923f604d2%2Fd8b563be-f29e-47c8-abe7-e3014c6b312f%2F553ckke_processed.png&w=3840&q=75)
Transcribed Image Text:During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Number
Date
Transaction
of Units
Unit Cost Total Cost
$ 4,740
19,270
14,790
Jan. 1
$79
Beginning inventory
Purchase
60
Мay 5
Nov. 3
235
82
Purchase
170
87
465
$ 38,800
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of
Average
# of units Cost per
Average
# of units Cost per
unit
Cost of
Goods
Average
Cost
Goods
Ending
Inventory
# of units
Available
unit
for Sale
Sold
per unit
Beginning Inventory
$
$
$
Purchases:
May 5
$
Nov. 3
$
Total
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