esDuring the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3LIFOBeginning InventoryPurchases:May 5November 3TransactionBeginning inventoryPurchasePurchaseTotalCalculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.Numberof unitsCost of Goods Available for Sale40Cost perunit$285$235 $560Number of UnitCost65 $6873Units40285235560Cost of GoodsAvailable for Sale$$6568732,600TotalCost$2,60019,38017,155$39, 13519,38017,15539,135Numberof unitsCost of Goods Sold0Cost perunitCost of GoodsSold$$G0000Ending InventoryCost perunitNumberof units0EndingInventory$0

Name: esDuring the year, Wright Company sells 535 remote-control airplanes
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Description: esDuring the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3LIFOBeginning InventoryPurchases:May 5November 3TransactionBegi

The inventory can be valued using various methods as FIFO, LIFO and weighted average method. Using…

Business

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During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Transaction Beginning inventory Purchase Purchase Beginning Inventory Purchases Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ Number of Units 40 285 235 560 65 Unit Cost $65 68 73 $ Cost of Goods Available for Sale 2,600 Total Cost $2,600 19,380 17,155 $39,135 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold $ 0 Ending Inventory Cost per unit Number of units Ending Inventory

During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Transaction Beginning inventory Purchase Purchase Beginning Inventory Purchases Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ Number of Units 40 285 235 560 65 Unit Cost $65 68 73 $ Cost of Goods Available for Sale 2,600 Total Cost $2,600 19,380 17,155 $39,135 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold $ 0 Ending Inventory Cost per unit Number of units Ending Inventory

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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