Please do not give solution in image format thanku Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification(LO6-3)During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateJanuary 1May 5November 3DateTransactionBeginning inventoryPurchasePurchaseJanuary 1May 5November 3Number ofUnits60235170465Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by thecompany include its entire beginning inventory, 215 units of inventory from the May 5 purchase, and 150 units from the November 3purchase.ActivityBeginning InventoryPurchasePurchaseTotalUnitCost$798287TotalCost$4,74019,27014,790$38,800Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit CostEnding Inventory Cost

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Description: Please do not give solution in image format thanku Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification(LO6-3)During the year, Wright Company sells 425 remote-control airplanes for $110 each. The c

The question is based on the concept of Cost Accounting.COST OF GOODS SOLDCost of Goods sold Include…

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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 January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 1 May 5 Number of Unit Units Cost 60 $79 235 82 170 87 465 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost

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 January 1 May 5 November 3 Date Transaction Beginning inventory Purchase Purchase January 1 May 5 Number of Unit Units Cost 60 $79 235 82 170 87 465 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 215 units of inventory from the May 5 purchase, and 150 units from the November 3 purchase. Activity Beginning Inventory Purchase Total Cost $4,740 19,270 14,790 $38,800 Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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