During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cotransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCostCost40$80$3,2002408319,9201808815,840460$38,960any has the following inventory purchaseCalculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round youraverage cost per unit to 4 decimal places.)Weighted AverageCostBeginning InventoryCost of Goods Available for SaleCost of Goods Sold - Weighted Average CostEnding Inventory - Weighted Average CostNumberCost of GoodsAverage CostAvailable forof unitsper unitSaleNumberof unitssoldNumber ofAverage CostCost of Goodsper UnitSoldunits inendinginventoryAverage Costper unitEndingInventory40$3,200Purchases:May 524019,920November 318015,840Total460$38,960$0.000.00

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Description: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cotransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCostCost40$80$3,2002408319,92018088

The weighted average method uses the weighted average cost per unit to determine the value of…

Business

Accounting

During the year, Wright Co transactions for the year. Date Transa January 1 Beginni May 5 Purchas November 3 Purchas Calculate ending inventory average cost per unit to 4 c Weighted Average Cost Beginning Inventory Purchases: Numb of uni May 5 24 November 3 18 Total 46

During the year, Wright Co transactions for the year. Date Transa January 1 Beginni May 5 Purchas November 3 Purchas Calculate ending inventory average cost per unit to 4 c Weighted Average Cost Beginning Inventory Purchases: Numb of uni May 5 24 November 3 18 Total 46

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
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