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
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
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