Question: During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2012. Calculate ending inventory

During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2012.

Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO.

Date Jan. 1 May. 5 Nov. 3 Number of Units 50 200 2 3 Unit Cost $72 75 80 Total Cost $ 3,600 15,000 Transaction Beginning inventory Purchase Purchase 8,000 350 $26,600

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