During the year, Wright Company sells 500 remote-control airplanes for $120 each. The company has...
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During the year, Wright Company sells 500 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ 270 $ 220 $ 530 68 71 76 Number of Units 40 270 220 530 Cost of Goods Available for Sale $ $ Unit Cost $68 71 76 2,720 Total Cost $2,720 19, 170 19,170 16,720 38,610 16,720 $38,610 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory
During the year, Wright Company sells 500 remole-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO
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