During the year, Wright Company sells 535 remote-control airplanes for $120 each

Question

During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase of Units Unit Cost Total Cost $65 2,600 19,380 17,155 40 285 235 68 73 560 $ 39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO IFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Available for Sale Average Goods | Average Cost of Goods Sold Average Ending # of units Cost per # of units cost per | # of units Cost per unit nventory unit unit Beginning Inventory Purchases May 5 Nov. 3 Total

Explanation / Answer

Schedule :

Lifo # of units Average cost per unit Cost of goods available for sale # of units average cost per unit Cost of goods sold # of units average cost per unit Ending inventory Beginning inventory 40 65 2600 15 65 975 25 65 1625 Purchases May 5 285 68 19380 285 68 19380 Nov 3 235 73 17155 235 73 17155 Total 560 39135 535 37510 25 65 1625

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.