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
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Chapter1: Financial Statements And Business Decisions
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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.
Number of Unit
Units
Cost
Total
Cost
60
$82
$4,920
250
85
21,250
200
90
18,000
510
$44,170
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
Date
January 1
May 5
November 31
LIFO
Beginning Inventory
Purchases
May 5
November 3
Total
Transaction
Beginning inventory
Purchase
Purchase
Cost of Goods Available for Sale
Number Cost per
of units unit
60 $
82
250 $ 85
200 $
90
510
Cost of Goods
Available for Sale
$
4,920
S
21,250
18,000
44,170
Cost of Goods Sold
Number
of units
Cost per Cost of Goods
Sold
unit
Ending Inventory
Number Cost per
of units
unit
Ending
Inventory
Transcribed Image Text:ces 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 Units Cost Total Cost 60 $82 $4,920 250 85 21,250 200 90 18,000 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 31 LIFO Beginning Inventory Purchases May 5 November 3 Total Transaction Beginning inventory Purchase Purchase Cost of Goods Available for Sale Number Cost per of units unit 60 $ 82 250 $ 85 200 $ 90 510 Cost of Goods Available for Sale $ 4,920 S 21,250 18,000 44,170 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit Ending Inventory Number Cost per of units unit Ending Inventory
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