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During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Total Cost $2,840 18,870 16,195 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory Purchase. Purchase Cost of Goods Available for Sale Number of units Cost per unit 40 $ 255 $ 205 $ 500 71 74 79 Number of Unit Units Cost 40 $71 255 205 500 Cost of Goods Available for Sale 2,840 $ $ 74 79 18,870 16,195 37,905 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold 25 $ 71 $ 255 $ 74 $ 79 280 $ 1,775 16,870 0 20,645 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0

During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Total Cost $2,840 18,870 16,195 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory Purchase. Purchase Cost of Goods Available for Sale Number of units Cost per unit 40 $ 255 $ 205 $ 500 71 74 79 Number of Unit Units Cost 40 $71 255 205 500 Cost of Goods Available for Sale 2,840 $ $ 74 79 18,870 16,195 37,905 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold 25 $ 71 $ 255 $ 74 $ 79 280 $ 1,775 16,870 0 20,645 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0

FINANCIAL ACCOUNTING
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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During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Total Cost $2,840 18,870 16,195 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory Purchase. Purchase Cost of Goods Available for Sale Number of units Cost per unit 40 $ 255 $ 205 $ 500 71 74 79 Number of Unit Units 40 Cost $71 255 205 500 Cost of Goods Available for Sale 2,840 $ $ 74 79 18,870 16,195 37,905 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold 25 $ 71 $ 255 $ $ 280 74 79 $ 1,775 18,870 0 20,645 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
Transcribed Image Text:During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Total Cost $2,840 18,870 16,195 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory Purchase. Purchase Cost of Goods Available for Sale Number of units Cost per unit 40 $ 255 $ 205 $ 500 71 74 79 Number of Unit Units 40 Cost $71 255 205 500 Cost of Goods Available for Sale 2,840 $ $ 74 79 18,870 16,195 37,905 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold 25 $ 71 $ 255 $ $ 280 74 79 $ 1,775 18,870 0 20,645 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
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