During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cc any has the following inventory purchasetransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCost$802401808388460Cost$3,20019,92015,840$38,960710Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round youraverage cost per unit to 4 decimal places.)Weighted AverageCostBeginning InventoryCost of Goods Available for SaleCost of Goods Sold - Weighted Average CostEnding Inventory - Weighted Average CostNumberAverage CostCost of Goodsof unitsper unitAvailable forSaleNumberof unitssoldNumber ofAverage Costper UnitCost of GoodsSoldunits inAverage Costendinginventoryper unitEndingInventory40$3,200Purchases:May 524019,920November 318015,840Total460$38,960$0.00$0.00

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Description: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cc any has the following inventory purchasetransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnit

The inventory refers to the goods which are readily available for sale or acquired to be used in…

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During the year, wright Company sells 435 remote-control airplanes for $120 each. The co transactions for the year. any has the following inventory purchase Date Transaction January 1 May 5 Beginning inventory Purchase November 3 Purchase Number of Unit Total Units Cost 40 240 $80 83 180 88 Cost $3,200 19,920 15,840 $38,960 717 460 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 d

During the year, wright Company sells 435 remote-control airplanes for $120 each. The co transactions for the year. any has the following inventory purchase Date Transaction January 1 May 5 Beginning inventory Purchase November 3 Purchase Number of Unit Total Units Cost 40 240 $80 83 180 88 Cost $3,200 19,920 15,840 $38,960 717 460 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 d

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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The following information is for the Bud Company; the company sells just one product: Units Unit Cost 200 Beginning Inventory Feb. 11 400 Purchases: $10 14 500 16 May 18 Oct. 23 100 22 At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Do not round until your final answers. Round your answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ C. Weighted Average Ending Inventory $ Cost of goods sold s
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