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During the year, Wright Company sells 550 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost January 1 May 5 Beginning inventory 50 $64 $3,200 Purchase 290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per Ending unit Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 0 Purchases: May 5 290 $ 67 19,430 0 November 3 240 $ 72 17,280 0 Total 580 $ 39,910 о $ 0 0 $ 0

During the year, Wright Company sells 550 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost January 1 May 5 Beginning inventory 50 $64 $3,200 Purchase 290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per Ending unit Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 0 Purchases: May 5 290 $ 67 19,430 0 November 3 240 $ 72 17,280 0 Total 580 $ 39,910 о $ 0 0 $ 0

FINANCIAL ACCOUNTING
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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During the year, Wright Company sells 550 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date: January 1 May 5 November 3 Transaction Units Cost Cost Beginning inventory Purchase Purchase 50 $64. $3,200 290 67 19,430 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 0 Purchases: May 5 290 $ November 3 240 $ 39 67 19,430 0 72 17,280 0 Total 580 $ 39,910 0 $ 0 0 $ 0
Transcribed Image Text:During the year, Wright Company sells 550 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date: January 1 May 5 November 3 Transaction Units Cost Cost Beginning inventory Purchase Purchase 50 $64. $3,200 290 67 19,430 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 0 Purchases: May 5 290 $ November 3 240 $ 39 67 19,430 0 72 17,280 0 Total 580 $ 39,910 0 $ 0 0 $ 0
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