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No date of sale was provided During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase
No date of sale was provided
During the year, Wright Company sells 425 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 60 235 170 465 Unit Cost $ 79 82 87 Total Cost $ 4,740 19,270 14,790 $38,800 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 Ending Inventory # of units Cost per unit Ending Inventory Cost of Goods Available for Sale $ 0 Cost per unit Cost of Goods Sold Cost of Goods # of units Cost per unit Sold 0 $ 0 $ Beginning Inventory Purchases: May 5 Nov. 3 0 0 0 $ $ 0 0 0 Total 0 $ 0 0 $ 0 0 $ 0Step by Step Solution
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