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During the year. Wright Company sells 565 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 565 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 60 295 245 680 Unit Cost $ 63 66 71 Total Cost $ 3,780 19,47e 17,395 $40,645 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory. 285 units of inventory from the May 5 purchase, and 220 units from the November 3 purchase. Date Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost $ 0 0 Jan. 1 May 5 Nov. 3 Activity Beginning Inventory Purchase Purchase Total 0 0 0 0 0 $ 0 0 S 0
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