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During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Transaction
During the year, Wright Company sells 495 remote-control airplanes for $110 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 | 60 | $69 | $ | 4,140 |
May 5 | Purchase | 265 | 72 | 19,080 | |
Nov. 3 | Purchase | 215 | 77 | 16,555 | |
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540 | $ | 39,775 | |||
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Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. |
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