During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction. Units January 1 May 5 Beginning inventory 50 Cost Cost $64 $3,200 Purchase -290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 S 3,200 $ Purchases May 5 290 67 19,430 November 3 240 72 17.280 Total 580 $ 39,910 0 0 $

During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction. Units January 1 May 5 Beginning inventory 50 Cost Cost $64 $3,200 Purchase -290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 S 3,200 $ Purchases May 5 290 67 19,430 November 3 240 72 17.280 Total 580 $ 39,910 0 0 $

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Description: During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchasetransactions for the year.Number of UnitTotalDateJanuary 1Transaction,Beginning inventoryUnitsCostCost50$64$3,200May 5P

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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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…
During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 60 $69 $4,140 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Beginning Inventory 60 $ 69 $ Cost of Goods Available for Sale 4,140 Number of units Cost per Cost of Goods unit Number Sold of units Ending Inventory Cost per unit Ending Inventory $ 0 Purchases: May 5 265 $ 72 19,080 0 November 3 215 $ 77 16,555 0 Total 540 $ 39,775 $ 0 0 $ 0
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