Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

lets try this again!!!! MAKE SURE YOUR ANSWER IS NOT CUT OFF OR I WILL THUMBS YOU DOWN During the year, Wright Company sells 520

image text in transcribed
lets try this again!!!! MAKE SURE YOUR ANSWER IS NOT CUT OFF OR I WILL THUMBS YOU DOWN
During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Number of Unit Total Date Transaction Units Cost Cost Jan. 1 Beginning inventory $ 2,480 May. 5 Purchase 300 65 19,500 Nov. 3 Purchase 250 70 17.500 590 $39,480 $62 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale 40 S 62 s 2.480 Cost of Goods Sold Cost of Goods of units Cost per unit Sold 40 $ 52 5 2.400 Ending Inventory Erding of units Cost per unit Inventory 40 $ 62 $ 2,480 Beginning inventory Purchases: May 5 Nov. 3 Total 65 05 300 $ 250 $ 19,500 17.500 39.480 70 300 $ 250 $ 590 19,500 17,500 39,480 70 300 $ 500 930 19,500 41.300 65 70 590 5 $ 81,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Forensic Analytics Methods And Techniques For Forensic Accounting Investigations

Authors: Mark J. Nigrini

2nd Edition

1119585767, 9781119585763

More Books

Students also viewed these Accounting questions