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During the year, Wright Company sells 380 remote-control airplanes for $100 each. The company has the following inventory transactions for the year. Date Jan. 1
During the year, Wright Company sells 380 remote-control airplanes for $100 each. The company has the following inventory transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 50 200 150 400 Unit Cost $ 72 75 80 Total Cost $ 3,600 15,000 12,600 $30,600 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Ending Invento Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods Cost per unit Sold # of units # of units Cost per unit Beginning Inventory Purchases May 5
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