During the year, Wright Company sells 450 remote-controlairplanes for $100 each. The company has the following inventorypurchase transactions for the year.
| Date | Transaction | Number
of Units | Unit Cost | Total Cost |
| Jan. 1 | Beginning inventory | 50 | $81 | $ | 4,050 |
| May 5 | Purchase | 245 | 84 | | 20,580 |
| Nov. 3 | Purchase | 190 | 89 | | 16,910 |
| | | | | |
| | 485 | | $ | 41,540 |
| | | | | |
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Calculate ending inventory and cost of goods sold for the year,assuming the company uses LIFO.
|
| | LIFO | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | | # 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 | | | $0 | | $0 | $0 | | | | | Purchases: | | | | | | | May 5 | | | 0 | | $0 | 0 | | | | | Nov. 3 | | | 0 | | $0 | 0 | | | | | Total | 0 | | $0 | | | | | | |
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