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

Jan. 1

Beginning inventory

40

$71

$

2,840

May 5

Purchase

255

74

18,870

Nov. 3

Purchase

205

79

16,195

500

$

37,905

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	Average Cost per unit	Cost of Goods Available for Sale	# of units	Average Cost per unit	Cost of Goods Sold	# of units	Average Cost per unit	Ending Inventory
Beginning Inventory	40	$2,840	$113,600		$2,840	$0
Purchases:
May 5	255		0		$0	0
Nov. 3	205		0		$0	0
Total	500		$113,600						$1,895