During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3FIFOBeginning inventoryPurchasesCalculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.May 5November 3TransactionBeginning inventoryPurchasePurchaseTotalCost of Goods Available for SaleNumberof units60250200510Cost perunit$821818Number of UnitUnitsCost60$8225085200905108590Cost of GoodsAvailable for Sale4,920S$Total Cost$4,92021,25018,000$44,17821,25018,00044,170Numberof unitsCost of Goods SoldCost per Cost of GoodsunitSold$0SD000Ending InventoryCost perunitNumberof units0EndingInventoryS

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Description: During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3FIFOBeginning inventoryPurchasesCalculate ending inventory and co

FIFO stands for First In First Out. Using FIFO method, the older inventory is sold at first and…

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During the year. Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases May 5 November 3 Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Total Number of units Cost of Goods Available for Sale 60 250 200 510 Cost per unit $ Number of Unit Units 60 250 200 510 82 90 Cost Total Cost $82 85 90 Cost of Goods Available for Sale $ 4,920 S $4,920 21,250 18,000 $44,170 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ Ending Inventory Cost per Number of units 0 OF REFER 0 Ending unit Inventory OS

During the year. Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases May 5 November 3 Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Total Number of units Cost of Goods Available for Sale 60 250 200 510 Cost per unit $ Number of Unit Units 60 250 200 510 82 90 Cost Total Cost $82 85 90 Cost of Goods Available for Sale $ 4,920 S $4,920 21,250 18,000 $44,170 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ Ending Inventory Cost per Number of units 0 OF REFER 0 Ending unit Inventory OS

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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