During the year, Wright Company sells 485 remote-control airplanes for $110 each

Question

During the year, Wright Company sells 485 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Number of Units 60 265 215 Unit CostTotal Cost Date Jan. 1 May 5 Nov. 3 Beginning inventory Purchase Purchase S69 S 4,140 19,080 16,555 72 540 $ 39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO FIFO Cost of Goods Available for Sale Ending Inventory Cost of Available for Sale Cost of Goods Sold Average unit Average Ending Cost of Goods Sold # of units Cost per # of units Cost per | # of units Cost per unit Invent unit Beginning Inventory Purchases: May 5 Nov. 3 Total

Explanation / Answer

# of units Average cost per unit Cost of goods available for sale # of units Average cost per unit Cost of goods sold # of units Average cost per unit Ending inventory Beginning inventory 60 69 4,140 60 69 4,140 0 0 0 Purchases: May 5 265 72 19,080 265 72 19,080 0 0 0 Nov. 3 215 77 16,555 160 77 12,320 55 77 4,235 Total 540 39,775 485 35,540 55 4,235

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