During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cc any has the following inventory purchasetransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCost$802401808388460Cost$3,20019,92015,840$38,960710Calculate 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 CostNumberAverage CostCost of Goodsof unitsper unitAvailable forSaleNumberof unitssoldNumber ofAverage Costper UnitCost of GoodsSoldunits inAverage Costendinginventoryper unitEndingInventory40$3,200Purchases:May 524019,920November 318015,840Total460$38,960$0.00$0.00

Name: During the year, Wright Company sells 435 remote-control airplanes fo
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cc any has the following inventory purchasetransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnit

The inventory refers to the goods which are readily available for sale or acquired to be used in…

Business

Accounting

During the year, wright Company sells 435 remote-control airplanes for $120 each. The co transactions for the year. any has the following inventory purchase Date Transaction January 1 May 5 Beginning inventory Purchase November 3 Purchase Number of Unit Total Units Cost 40 240 $80 83 180 88 Cost $3,200 19,920 15,840 $38,960 717 460 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 d

During the year, wright Company sells 435 remote-control airplanes for $120 each. The co transactions for the year. any has the following inventory purchase Date Transaction January 1 May 5 Beginning inventory Purchase November 3 Purchase Number of Unit Total Units Cost 40 240 $80 83 180 88 Cost $3,200 19,920 15,840 $38,960 717 460 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 d

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. DateTransactionNumber of UnitsUnit CostTotal CostJan. 1Beginning inventory 60 $73 $4,380 May. 5Purchase 205 76 15,580 Nov. 3Purchase 110 81 8,910 375 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
During the year, Wright Company sells 400 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. DateTransaction Number of UnitsUnit CostTotal CostJanuary 1Beginning inventory 50$78$3,900 May 5Purchase2308118,630 November 3Purchase 1608613,760 440 $36, 290 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date January 1 Transaction, Beginning inventory Units Cost Cost 50 $64 $3,200 May 5 Purchase 290 67 19,430 240 580 72 17,280 $39,910 November 3 Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number Cost per FIFO Cost of Goods Number of units unit Available for Sale of units Cost of Goods Sold Cost per unit Cost of Goods Number Sold of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 이 Purchases May 5 290 67 19,430 0 November 3 240 72 17.280 0 Total 580 $ 39,910 ° $ о $ 0
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Cost of Goods Available for Sale Number of units 60 250 200 510 Cost per unit $ 82 1818 Number of Unit Units Cost 60 $82 250 85 200 90 510 85 90 Cost of Goods Available for Sale 4,920 S $ Total Cost $4,920 21,250 18,000 $44,178 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0 S D 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory S
During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units 40 270 220 Unit Cost $68 71 76 Total Cost $2,720 19,170 16,720 Date Transaction Beginning inventory Purchase Jan. 1 May. 5 Nov. 3 Purchase 530 $38,610 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale 2.720 Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit #of units Cost per unit Beginning Inventory 40 68 40 $4 68 2.720 Purchases: May 5 270 $ 71 19,170 270 71 19.170 Nov. 3 220 76 16,720 220 76 16,720 Total 530 38,610 530 38.610 $4 %24 %24 %24 9. %24
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 Apr. 7 Purchase Jul. 16 Purchase 10 Oct. 6 Purchase 140 210 120 530 $ 52 54 57 58 $ 3,120 7,560 11,970 6,960 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
Qu Mult Cullumber Industries had the following inventory transactions occur during 2025, its first year of operations: Multi Que Mult Units Cost/unit Feb. 1, 2025 Purchase 92 $92 Mar. 14, 2025 May 1, 2025 Purchase 158 $96 Purchase 112 $100 Vie 10 Mu The company sold 260 units at $129 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2550, what is the company's net income using LIFO? Qu Mu $5582.00 $3960.18 O $5657.40 $3907.40 ΟΣ
During the year, Wright Company sells 455 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 Purchase 60 $79 $4,740 235 82 19,270 November 3 Purchase 185 87 16,095 480 $40,105 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Beginning Inventory 60 $ 79 $ 4,740 $ 0 Purchases: May 5 235 82 19,270 0 November 3 185 87 16,095 0 Total 480 $ 40,105 $ 0 0 $