Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 During the year. Wright Company sells 565 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year

image text in transcribed

4 During the year. Wright Company sells 565 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Check my work Number of Unit Date Transaction Units Cost Total Cost points January 1 May 5 Seginning inventory 60 $63 $3,780 Purchase 295 66 19,470 November 1 Purchase 245 71 17,395 600 $40,645 eBook Pri References 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 Available for Sale Cost of Goods Sold Weighted Average Cost Ending Inventory Weighted Average Cost Weighted Average Cost Number: of units Average Cost per unit Cost of Goods Available for Sah Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in t ending inventory Average Cost per unit Ending Inventory Beginning Inventory 60 S 3,780 Purchases May 5 295 19.470 November 3 245 17.395 Total 600 $ 40.645 000 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_2

Step: 3

blur-text-image_3

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

Fraud examination

Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma

4th edition

538470844, 978-0538470841

More Books

Students also viewed these Accounting questions

Question

How should items such as profit and asset values be measured?

Answered: 1 week ago

Question

Who are the users of financial accounting information?

Answered: 1 week ago