During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.
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 Unit Total Date Transaction Units Cost Cost Jan. 1 Beginning inventory 60 $ 82 $ 4,920 May . 5 Purchase 250 85 21 , 250 Nov. 3 Purchase 200 90 18 , 000 510 $44 , 170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. x Answer is complete but not entirely correct. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of Cost per Cost of Goods Available for # of Cost per Cost of # of Cost per Ending units unit Sale units unit Goods Sold units unit Inventory Beginning Inventory 60 $ 82 ~ $ 4,920 20 X $ 82 $ 1,640 X 40 X $ 82 $ 3,280 X Purchases: May 5 250 ~ $ 85 21,250 250 ~ $ 85 21,250 OV Nov. 3 200 ~ $ 90 18,000 200 X $ 90 18,000 X OX OX Total 510 $ 44, 170 470 $ 40,890 X 40 $ 3,280 XCalculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. x Answer is not complete. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of Cost per Cost of Goods Available for # of Cost per Cost of # of Cost per Ending units unit Sale units unit Goods Sold units unit Inventory Beginning Inventory 60 $ 82 ~ $ 4,920 $ 82 Purchases: May 5 230 X $ 85 19,550 20 X 85 19,550 X 1,700 X Nov. 3 180 X $ 90 16,200 20 X $ 90 19,550 X 1,800 X Total 470 X $ 40,670 X 40 $ 40,670 X $ 3,500 XCalculate 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.) x Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold - Weighted Ending Inventory - Weighted Average Average Cost Cost Weighted Average Cost of Cost # of Average Goods # of Average Cost of # of units Average Ending units Cost per Goods Sold Cost per unit Available units Cost per in ending Inventory for Sale sold Unit inventory unit Beginning Inventory 60 $ 4,920 Purchases: May 5 250 21,250 Nov.3 200 18,000 Total 510 $ 0.0000 X $ 44,170 470 $ 86.6078 ~ $ 40,705.67 40 $ 86.6078 ~ $ 3,464.31Calculate 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, 230 units of inventory from the May 5 purchase, and 180 units from the November 3 purchase. Date Activity Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost Jan. 1 Beginning Inventory May 5 Purchase Nov. 3 Purchase Total
