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During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan.
During the year, Wright Company sells 525 remote-control airplanes for $110 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 Units 60 280 230 570 Unit Cost $ 66 69 74 Total Cost $ 3,960 19,320 17,020 $40,300 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.) Weighted Average Cast Cost of Goods Available for Sale Average cost of Goods # of units Cost per Available for unit Sale 60 $ 3,960 Cost of Goods Sold-Weighted Average Ending inventory - Weighted Average Cost Cost # of units Average Cost Cost of Goods # of units Average Cost sold per Unit in ending Sold inventory per unit Inventory Ending Beginning Inventory Purchases: May 5 Nov 3 Total 280 230 19,320 17,020 40,300 570 $ 69.6666 $ $ 0.00 $ 0.00
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