Question: HELP. Im probably wrong During the year, Wright Company sells 520 remote control airplanes for $120 each. The company has the following inventory purchase transactions

 HELP. Im probably wrong During the year, Wright Company sells 520
HELP. Im probably wrong

During the year, Wright Company sells 520 remote control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Unit Units Cost 40 $62 300 65 70 590 Total Cost $ 2,480 19,500 17,500 $39,480 250 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Ending Inventory of units Cost per unit Ending Inventory 40 $ 62 S 2.480 FIFO Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Cost of Goods Available for Sale #of units Cost per unit Sold Beginning inventory 407 s 62 $ 2,480 40 $ 62 $ 2,480 Purchases: 300 $ 65 19,500 300 $ 65 19,500 Nova 250 $ 70 17,500 250 $ 70 17,500 Total 590 s 39.480 590 5 39,480 May 5 55 300 $ 590s 930 70 19.500 41.300 $ 63,280

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!