cesDuring the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.Number of UnitUnitsCostTotalCost60$82$4,9202508521,2502009018,000510$44,170Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.DateJanuary 1May 5November 31LIFOBeginning InventoryPurchasesMay 5November 3TotalTransactionBeginning inventoryPurchasePurchaseCost of Goods Available for SaleNumber Cost perof units unit60 $82250 $ 85200 $90510Cost of GoodsAvailable for Sale$4,920S21,25018,00044,170Cost of Goods SoldNumberof unitsCost per Cost of GoodsSoldunitEnding InventoryNumber Cost perof unitsunitEndingInventory

Name: cesDuring the year, Wright Company sells 470 remote-control airplanes
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: cesDuring the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.Number of UnitUnitsCostTotalCost60$82$4,9202508521,2502009018,000510$44,170Calculate endin

The inventory can be valued using various methods FIFO, LIFO and average method. Using LIFO, newer…

Business

Accounting

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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 18 units at $53 Second purchase 55 units at $56 Third purchase 14 units at $61 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $4 b. What is the total cost of the ending inventory according to LIFO? $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $42 7 units at $65 Sale First purchase 32 units at $45 Sale 31 units at $66 Second purchase 25 units at $48 20 units at $66 Sale The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 1,104 V b. What is the total cost of the ending inventory according to LIFO? X
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $45 15 units at $63 26 units at $48 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 18 units at $65 16 units at $50 15 units at $67 b. What is the total cost of the ending inventory according to LIFO?
During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory 60 $73 $4,380 May. 5Purchase 205 76 15,580 Nov. 3Purchase 110 81 8,910 375 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
p
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory