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 LIFO.

Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 230 units of inventory from the May 5 purchase, and 180 units from the November 3 purchase.

Transcribed Image Text:

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