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Just need the red boxes anwsers. The other numbers are 100% correct. Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO
Just need the red boxes anwsers. The other numbers are 100% correct.
Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 525 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Number Date Jan. 1 May 5 Transaction Beginning inventory Purchase Purchase of Units Unit Cost Total Cost $66$ 3,960 19,320 17,020 60 280 230 69 74 Nov. 3 570 $ 40,300 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Goods Cost per Cost of Available for Sale e Cost of Goods Sold Average Average Ending # of units | # of units Cost per unit # of units Cost per 60$66$ 3,960$ 66 280$ 69 Inventory unit unit Beginning Inventory Purchases 280 $69 23074 570 19,320 17,020 $ 40,300 19,320 May 5 Nov. 3 $74 Total 525 $ 37,330 45 $ 2,970Step by Step Solution
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