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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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es 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 Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Number of units Cost of Goods Available for Sale 40 Cost per unit $ 285 $ 235 $ 560 Number of Unit Cost 65 $ 68 73 Units 40 285 235 560 Cost of Goods Available for Sale $ $65 68 73 2,600 Total Cost $2,600 19,380 17,155 $39, 135 19,380 17,155 39,135 Number of units Cost of Goods Sold 0 Cost per unit Cost of Goods Sold $ $ G 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
Transcribed Image Text:es 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 Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Number of units Cost of Goods Available for Sale 40 Cost per unit $ 285 $ 235 $ 560 Number of Unit Cost 65 $ 68 73 Units 40 285 235 560 Cost of Goods Available for Sale $ $65 68 73 2,600 Total Cost $2,600 19,380 17,155 $39, 135 19,380 17,155 39,135 Number of units Cost of Goods Sold 0 Cost per unit Cost of Goods Sold $ $ G 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
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