**Inventory Cost Analysis for Wright Company**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 | Transaction | Number of Units | Unit Cost | Total Cost ||--------|-------------------|-----------------|-----------|------------|| Jan. 1 | Beginning Inventory | 40 | $65 | $2,600 || May 5 | Purchase | 285 | $68 | $19,380 || Nov. 3 | Purchase | 235 | $73 | $17,155 || | **Total** | **560** | | **$39,135**|Calculate the ending inventory and cost of goods sold for the year, assuming the company uses the weighted-average cost. *(Round your average cost per unit to 4 decimal places.)***Weighted Average Cost Calculation Table**| | Cost of Goods Available for Sale | Cost of Goods Sold - Weighted Average Cost | Ending Inventory - Weighted Average Cost ||--------------------------|----------------------------------|---------------------------------------------|-----------------------------------------|| | # of units | Average Cost per unit | Cost of Goods Available for Sale | # of units sold | Average Cost per Unit | Cost of Goods Sold | # of units in ending inventory | Average Cost per unit | Ending Inventory ||--------------------------|------------|------------------------|----------------------------------|-----------------|---------------------------|---------------------|--------------------------|---------------------------|------------------|| **Beginning Inventory** | 40 | | $2,600 | | | | | | || **Purchases:** | | | | | | | | | || May 5 | 285 | | $19,380 | | | | | | || Nov. 3 | 235 | | $17,155 | | | | | | || **Total** | **560** | | **$39,135** | **535** | **$120.0000** | **$0.00** | **25** | **$120.0000** | **$3,000.00**

Under weighted average method, the unit cost is calculated as total cost of goods available for sale…

Answered: During the year, Wright Company sells…

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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Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Use the following information to complete the calculations below. Cost of goods sold $195,640 Inventory: Beginning of year 20,500 End of year 18,628 a. Compute inventory turnover. b. Compute average daily cost of goods sold using a 365 day year. c. Compute number of days' sales in inventory. Round your answer to one decimal place. days
Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
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Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost? A. $27,350 B. $136,750 C.$82,050
On December 31 of last year, Wolfson Corporation had 660 units in inventory of its product, which cost $17 per unit to produce. During January, the company produced 970 units at a cost of $20 per unit. Assuming Wolfson Corporation sold 1, 160 units in January, what was the cost of goods sold (assume FIFO inventory method)? Cost of goods sold
During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory 60 $73 $4,380 May. 5Purchase 205 76 15,580 Nov. 3Purchase 110 81 8,910 375 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
Ashavinbhai
The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at cost was $1,576,182. The published inventory turnover at cost is 5.4. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory cost. (Round your answer to the nearest dollar.) a. $374,265 b. $491,222 c. $654,963
Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made the following purchases • 1,400 units at P90 per unit• 3,400 units at P150 per unit• 800 units at P120 per unit Sales for the year totaled 4,600 units. Physical count reveals 1,000 units on hand at the end of the year. (Round unit cost to two decimals)5. What is the amount of ending inventory using the weighted average method (rounded to nearest peso)? ________________6. What is the amount of ending inventory using the FIFO method?
Cost of goods sold for Califant Industries was $949,420 for the year. If the beginning inventory at cost was $609,700 and the ending inventory at cost was $416,200, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 1.9 times b. 2.0 times c. 2.4 times d. 3.2 times
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…

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