During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost $ 82 $ 4,920 21, 250 18,000 Beginning inventory 60 Jan. 1 250 85 Purchase Purchase May. 5 200 90 Nov. 3 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.

During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost $ 82 $ 4,920 21, 250 18,000 Beginning inventory 60 Jan. 1 250 85 Purchase Purchase May. 5 200 90 Nov. 3 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.

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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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