During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following

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During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2012.

Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jan 16, 2017 10:20 AM

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During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following

Question:

Date Jan. 1 May. 5 Nov. 3 Number of Units 50 200 2 3 Unit Cost $72 75 80 Total Cost $ 3,600 15,000 Transaction Beginning inventory Purchase Purchase 8,000 350 $26,600

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Date Transaction Number of units Unit cost Ending Inventor...View the full answer

Financial Accounting

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