During the year, Wright Company sells 455 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 60 $79 $4,740 235 82 19,270 November 3 Purchase 185 87 16,095 480 $40,105 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Beginning Inventory 60 $ 79 $ 4,740 $ 0 Purchases: May 5 235 82 19,270 0 November 3 185 87 16,095 0 Total 480 $ 40,105 $ 0 0 $
During the year, Wright Company sells 455 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 60 $79 $4,740 235 82 19,270 November 3 Purchase 185 87 16,095 480 $40,105 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Beginning Inventory 60 $ 79 $ 4,740 $ 0 Purchases: May 5 235 82 19,270 0 November 3 185 87 16,095 0 Total 480 $ 40,105 $ 0 0 $
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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