During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has...
50.1K
Verified Solution
Link Copied!
Question
Accounting
During the year, Wright Company sells 525 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 60 280 230 Unit Cost $ 66 69 74 Total Cost $ 3,960 19,320 17,020 $40,300 570 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Weighted Average Cost Cost of Goods Sold - Weighted Average Cost of Goods Available for Sale Cost Average Cost of Goods # of units Available for # of units Average Cost Cost of Goods sold Sold per Unit Sale 60 $ 3,960 Ending Inventory - Weighted Average Cost # of units in ending Average Cost Ending Inventory inventory Cost per unit per unit Beginning Inventory Purchases: May 5 280 19,320 Nov.3 230 17,020 40,300 Total 570 $ 70.7018 $ 70.7018 0.00 $ 70.7018: $ 0.00
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!
