During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units Date Jan. 1 Transaction Beginning inventory Purchase Unit Cost Total Cost $80 $3,200 19,920 16,720 40 May 5 Nov. 3 240 83 Purchase 190 88 470 $ 39,840 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units Date Jan. 1 Transaction Beginning inventory Purchase Unit Cost Total Cost $80 $3,200 19,920 16,720 40 May 5 Nov. 3 240 83 Purchase 190 88 470 $ 39,840 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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