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During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Transaction
During the year, Wright Company sells 535 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 | $65 | $ | 2,600 |
May 5 | Purchase | 285 | 68 | 19,380 | |
Nov. 3 | Purchase | 235 | 73 | 17,155 | |
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560 | $ | 39,135 | |||
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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.)
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