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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
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 Units Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase 60 250 Unit Cost $ 82 85 90 Total Cost $ 4,920 21,250 18,000 $44,170 200 510 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory Beginning Inventory Purchases: May 5 Nov. 3 Total
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