During the year, Wright Company sells 370 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 50 $75 $3,750 215 78 16,770 November 3 Purchase 130 395 83 10,790 $31,310 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Avera Weighted Average Cost Number Average Cost Cost of Goods Available for of units per unit Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending inventory Average Cost per unit E Inv Beginning Inventory 50 $ 3,750 Purchases: May 5 215 16,770 November 3 130 10,790 Total 395 $ 31,310 $ 0.00 $

During the year, Wright Company sells 370 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 50 $75 $3,750 215 78 16,770 November 3 Purchase 130 395 83 10,790 $31,310 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Avera Weighted Average Cost Number Average Cost Cost of Goods Available for of units per unit Sale Number of units sold Average Cost per Unit Cost of Goods Sold Number of units in ending inventory Average Cost per unit E Inv Beginning Inventory 50 $ 3,750 Purchases: May 5 215 16,770 November 3 130 10,790 Total 395 $ 31,310 $ 0.00 $

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Description: During the year, Wright Company sells 370 remote-control airplanes for $100 each. The company has the following inventory purchasetransactions for the year.Number of UnitDateJanuary 1May 5TransactionUnitsCostTotal CostBeginning inventoryPurchase50$7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 60 $69 $4,140 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Beginning Inventory 60 $ 69 $ Cost of Goods Available for Sale 4,140 Number of units Cost per Cost of Goods unit Number Sold of units Ending Inventory Cost per unit Ending Inventory $ 0 Purchases: May 5 265 $ 72 19,080 0 November 3 215 $ 77 16,555 0 Total 540 $ 39,775 $ 0 0 $ 0
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Please read and asnwer question using table provided.
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