Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the year, Wright Company sells 500 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan.
During the year, Wright Company sells 500 remote-control airplanes for $120 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 Unit Units Cost 40 $ 68 270 71 220 76 530 Total Cost $ 2,720 19,170 16,720 $38, 610 Calculate 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.) Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Sold - Weighted Average Ending Inventory - Weighted Average Cost Cost # of units Average Cost Cost of Goods # of units Average Cost Ending sold per Unit in ending Sold per unit Inventory inventory Average cost of Goods Cost per Available for unit Sale $ 2,720 # of units Beginning Inventory Purchases: May 5 Nov.3 Total 270 220 530 19,170 16,720 38,610 $ $ 0. 00 1 $ 0.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started