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
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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…

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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

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