Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the year, Wright Company sells 570 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 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Transaction Beginning inventory Purchase Purchase Number of Units 40 300 250 590 Unit Cost $ 62 65 70 May. 5 Nov. 3 Total Cost $ 2,480 19,500 17,500 $39,480 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 Cost Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Average Cost of Goods # of units Cost per Available for $ # of units Average Cost Cost of Goods unit sold Sold Sale per Unit 40 $ 2,480 Ending Inventory - Weighted Average Cost # of units Average Cost Ending i n ending inventory per unit Inventory Beginning Inventory Purchases: May 5 Nov.3 Total 300 250 19,500 17,500 39,480 590/ $ $ 0.00 $ 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