Refer to the information in BE65. Calculate ending inventory and cost of goods sold for the year,

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Refer to the information in BE6–5. Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.

Data from in BE6-5

During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.

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

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Financial Accounting

ISBN: 9781260786521

6th Edition

Authors: David Spiceland

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Question Posted: Jun 28, 2022 01:29 AM

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Refer to the information in BE65. Calculate ending inventory and cost of goods sold for the year,

Question:

Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 250 200 510 Unit Cost $82 85 90 Total Cost $ 4,920 21,250 18,000 $44,170

Step by Step Answer:

End ing Inventory 250 units 90 22 500 Cost of Goods Sold ...View the full answer

Financial Accounting

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