During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has...
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During the year, Wright Company sells 535 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: Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Cost of Goods Available for Sale Number of units 40 Cost per unit $ 285 $ 235 $ 560 A 65 68 73 Number of Unit Units Cost $65 40 285 68 235 73 560 Cost of Goods Available for Sale $ $ 2,600 Total Cost $2,600 19,380 17,155 $39, 135 19,380 17,155 39,135 Number of units Cost of Goods Sold 0 Cost per Cost Goods unit Sold $ $ 0 0 0 0 Ending Inventory + Cost per Ending Inventory unit Number of units 0 $ 0
During the year, Wright Company sells 535 remote-control airplanes for $120each. 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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