During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction. Units January 1 May 5 Beginning inventory 50 Cost Cost $64 $3,200 Purchase -290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 S 3,200 $ Purchases May 5 290 67 19,430 November 3 240 72 17.280 Total 580 $ 39,910 0 0 $

During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction. Units January 1 May 5 Beginning inventory 50 Cost Cost $64 $3,200 Purchase -290 67 19,430 November 3 Purchase 240 72 17,280 580 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 S 3,200 $ Purchases May 5 290 67 19,430 November 3 240 72 17.280 Total 580 $ 39,910 0 0 $

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Description: During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchasetransactions for the year.Number of UnitTotalDateJanuary 1Transaction,Beginning inventoryUnitsCostCost50$64$3,200May 5P

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....

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