During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 280 230 570 Unit Cost $66 69 74 Total Cost $3,960 19,320 17,020 $40,300 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 255 units of inventory from the May 5 purchase, and 210 units from the November 3 purchase.
During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 280 230 570 Unit Cost $66 69 74 Total Cost $3,960 19,320 17,020 $40,300 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 255 units of inventory from the May 5 purchase, and 210 units from the November 3 purchase.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Vikram bhai
![During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Date
January 1
May 5
November 3
Date
Transaction
Beginning inventory
Purchase
Purchase
January 1
May 5
November 3
Number of Unit
Units
Cost
60
$66
69
74
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the
company include its entire beginning inventory, 255 units of inventory from the May 5 purchase, and 210 units from the November 3
purchase.
Activity
Beginning Inventory
Purchase
Purchase
Total
280
230
570
Total
Cost
$3,960
19,320
17,020
$40,300
Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c481243-b52d-40f8-b56c-e166fbc00ae1%2F6572e617-0aef-41a8-b5ee-1b478b5209d6%2Fbplxlo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase
transactions for the year.
Date
January 1
May 5
November 3
Date
Transaction
Beginning inventory
Purchase
Purchase
January 1
May 5
November 3
Number of Unit
Units
Cost
60
$66
69
74
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the
company include its entire beginning inventory, 255 units of inventory from the May 5 purchase, and 210 units from the November 3
purchase.
Activity
Beginning Inventory
Purchase
Purchase
Total
280
230
570
Total
Cost
$3,960
19,320
17,020
$40,300
Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost
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