During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the...
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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. Date January 1 May 5 November 3 Weighted Average Cost Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory. Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. Note: Round your average cost per unit to 4 decimal places. Number of units Cost of Goods Available for Sale 60 Number of Units 60 265 215 265 215 540 Average Cost per unit 540 Cost of Goods Available for Sale $ $ Unit Cost $ 69 72 77 4,140 Total Cost $ 4,140 19,080 16,555 39,775 19,080 16,555 $ 39,775 Number of units sold Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per Unit Cost of Goods Sold Average Cost per unit Ending Inventory During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Weighted Average Cost Beginning Inventory Purchases: May 5 November 3 Total Transaction Beginning inventory. Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. Note: Round your average cost per unit to 4 decimal places. Number of units Cost of Goods Available for Sale 60 Number of Units 60 265 215 265 215 540 Average Cost per unit 540 Cost of Goods Available for Sale $ $ Unit Cost $ 69 72 77 4,140 Total Cost $ 4,140 19,080 16,555 39,775 19,080 16,555 $ 39,775 Number of units sold Cost of Goods Sold - Weighted Average Cost Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per Unit Cost of Goods Sold Average Cost per unit Ending Inventory
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Answer rating: 100% (QA)
To calculate the weighted average cost per unit we need to consider the total cost of beginning inventory and the two purchases during the year divide... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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