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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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