During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purcha: transactions for the year. Unit Cost $ 65 68 Total Cost $ 2,600 19,380 17,155 Number of Units Date Transaction 40 Beginning inventory Purchase Jan. 1 285 May. 5 Nov. 3 Purchase 235 73 560 $39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Sold - Weighted Average Cost Ending Inventory – Weighted Average Cost Cost of Goods Available for Sale Weighted Average Cost Average # of units Cost per unit Cost of Goods Available for Sale # of units Average Cost Cost of Goods per Unit # of units Average Cost in ending inventory Ending Inventory sold Sold per unit 40 2,600 Beginning Inventory Purchases: May 5 285 19.380 Νov3 235 17 155 39,135 535 0.00 25 S 120.00000 $ 3.000.00 Total 560 120.0000
During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purcha: transactions for the year. Unit Cost $ 65 68 Total Cost $ 2,600 19,380 17,155 Number of Units Date Transaction 40 Beginning inventory Purchase Jan. 1 285 May. 5 Nov. 3 Purchase 235 73 560 $39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Sold - Weighted Average Cost Ending Inventory – Weighted Average Cost Cost of Goods Available for Sale Weighted Average Cost Average # of units Cost per unit Cost of Goods Available for Sale # of units Average Cost Cost of Goods per Unit # of units Average Cost in ending inventory Ending Inventory sold Sold per unit 40 2,600 Beginning Inventory Purchases: May 5 285 19.380 Νov3 235 17 155 39,135 535 0.00 25 S 120.00000 $ 3.000.00 Total 560 120.0000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:**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**
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education