Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the year, wright company sells 425 remote-c

During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has...

80.2K

Verified Solution

Question

Accounting

image
During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 235 170 465 Unit Cost $ 79 82 87 Total Cost $ 4,740 19,270 14,790 $38,800 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, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Unit Cost 79 Units Unit Date Cost of Goods Activity Sold Cost Sold Jan. 1 Beginning Inventory 60 $ 79$ 4,740 May 5 Purchase 235 82 19,270 Nov. 3 Purchase 170 87 14,790 Total 465 $ 38,800 "Ked text inde no response was expected in a cell or a formula-based calculation is incorrect, no points deducted, Ending Inventory Units 40 235 170 $ 82 Ending Inve Cost 3,160 19,270 14,790 37,220 87 445 $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You are on an interstellar mission from the Earth to the 8.7 light-years distant star Sirius....

Physics
Q

1.Many people suffer from anxiety disorders. How can anxiety disorders impact one’s life? What is Posttraumatic...

Psychology
Q

Explain how superposition is applied in network analysis? Also what are the definition of : node...

Electrical Engineering
Q

Land transaction mechanisms can generally be classified into: symbolic delivery, private conveyancing, registration of deeds, and title...

General Management
Q

Which of the following factors can influence the behavior oftranscription factors when they are expressing...

Biology
Q

1 Use the Euclidean Algorithm to find integers a and b such that 81a 52b...

Basic Math
Q

GL901 - Based on Problem 9-1A LO C2, P1 The January...

Accounting
Q

On January 1, 2024, the Mason Manufacturing Company began construction of...

Accounting
Q

How much cost would be assigned from the Bid Evaluation activity to Job A? (Do...

Accounting
Q

The International Accounting Standards Committees Framework for the Preparation of Financial Statements identifies four primary...

Accounting
Q

Discuss the advantages and disadvantages of Job Order Costing. Be sure to include specific examples...

Accounting
Q

Project #7: Bad Debt Expense Fido's Food Mart Adjusted Trial Balance December 31, 20XX Debits...

Accounting