Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15 eBook Print Herences During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for

15 eBook Print Herences During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Jan. 1 Transaction Units Cont Total Cont Beginning inventory 60 $82 $ 4,920 May. 5 Nov. 3 Purchase 250 85 21,250 Purchase 200 510 90 18,000 $44,170 Weighted Average Cost Cost of Goods Available for Sale Average # of units Cost per unit Cost of Goods Available for # of units sold 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.) Cost of Goods Sold - Weighted Average Ending Inventory - Weighted Average Cost Average Cost Ending per unit Inventory Cost Average Cost Cost of Goods per Unit Sold # of units Sale in ending Inventory Beginning Inventory 60 $ 4,920 Purchases: May 5 Nov 3 Total 250 21,250 200 18,000 510 $ 44,170 $ 0.00 $ 0.00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Understanding Simple Accounting

Authors: Gustav Muhsfeldt

1st Edition

B005MAAH4W

More Books

Students also viewed these Accounting questions