During the year, Wright Company sells 455 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 60 $79 $4,740 235 82 19,270 November 3 Purchase 185 87 16,095 480 $40,105 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Beginning Inventory 60 $ 79 $ 4,740 $ 0 Purchases: May 5 235 82 19,270 0 November 3 185 87 16,095 0 Total 480 $ 40,105 $ 0 0 $

During the year, Wright Company sells 455 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 60 $79 $4,740 235 82 19,270 November 3 Purchase 185 87 16,095 480 $40,105 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Beginning Inventory 60 $ 79 $ 4,740 $ 0 Purchases: May 5 235 82 19,270 0 November 3 185 87 16,095 0 Total 480 $ 40,105 $ 0 0 $

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Description: During the year, Wright Company sells 455 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.Number of UnitDateJanuary 1May 5TransactionUnitsCostTotal CostBeginning inventoryPurchase60$7

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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