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how do you calculate ending inventory and cost of good sold for this year? Brief Exercise 6-6 Calculate ending inventory and cost of goods sold
how do you calculate ending inventory and cost of good sold for this year?
Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year. Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Number of Unit Total Transaction Cost Beginning inventory 40 $ 2,480 May. 5 Purchase 65 19,500 Nov. 3 Purchase 17,500 $39,480 Date Jan. 1 Units Cost $ 62 300 250 590 70 Calculate ending Inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale Cost of Goods Sold of units Cost per unit Cost of Goods Sold Ending Inventory of units Cost per unit Ending Inventory Beginning inventory Purchases May 6 Nov. 3 Total Step by Step Solution
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