Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3)...
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Accounting
Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3)
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
Transaction
Number of Units
Unit Cost
Total Cost
Jan. 1
Beginning inventory
60
$
82
$
4,920
May. 5
Purchase
250
85
21,250
Nov. 3
Purchase
200
90
18,000
510
$
44,170
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 230 units of inventory from the May 5 purchase, and 180 units from the November 3 purchase.
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