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Can help me with this question? Thank you! During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following
Can help me with this question? Thank you!
During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.
Date | Transaction | Number of Units | Unit Cost | Total Cost |
---|---|---|---|---|
January 1 | Beginning inventory | 40 | $71 | $2,840 |
May 5 | Purchase | 255 | 74 | 18,870 |
November 3 | Purchase | 205 | 79 | 16,195 |
500 | $37,905 |
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 245 units of inventory from the May 5 purchase, and 190 units from the November 3 purchase.
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