During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory 40 $80 $3,200 May. 5Purchase 240 83 19,920 Nov. 3Purchase 180 88 15,840 460 $38,960Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFOCost of Goods Available for SaleCost of Goods SoldEnding Inventory # of unitsCost per unitCost of Goods Available for Sale# of unitsCost per unitCost of Goods Sold# of unitsCost per unitEnding InventoryBeginning Inventorynot attemptednot attempted$0not attempted$0$0not attempted Purchases: May 5not attemptednot attempted0not attempted$00not attempted Nov. 3not attemptednot attempted0not attempted$00not attempted Total0 $00 $00 $0

Name: During the year, Wright Company sells 435 remote-control airplanes for
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Description: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory 40 $80 $3,200 May

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory		40		$	80	$	3,200
May. 5	Purchase		240			83		19,920
Nov. 3	Purchase		180			88		15,840
			460				$	38,960

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
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units	Cost per unit	Cost of Goods Sold	# of units	Cost per unit	Ending Inventory
Beginning Inventory	not attempted	not attempted	$0	not attempted	$0	$0	not attempted
Purchases:
May 5	not attempted	not attempted	0	not attempted	$0	0	not attempted
Nov. 3	not attempted	not attempted	0	not attempted	$0	0	not attempted
Total	0		$0	0		$0	0		$0

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