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During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Date Jan,
During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Date Jan, 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 235 179 465 Unit Cost Total Cost $79 $ 4,740 82 19,270 82 14,790 $38,800 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO Cost of Goods Sold Cost of Goods of units Cost per unit Sold 605 795 4,740 Ending Inventory Ending # of units Cost per unit Inventory LIFO Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale Beginning Inventory 605 79 $ 4740 Purchases May 5 2355 82 19,270 Nov. 3 170 $ 87 14,790 Total 465 $ 38,800 2355 $ 295 82 87 19.270 0 24.010 $ 0 $ 0 0
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