During the year, Wright Company sells 420 remote-control airplanes for $120 each

Question

During the year, Wright Company sells 420 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Date Jan. 1 May 5 Nov. 3 Number of Units 40 225 175 Unit Cost Total Cost Transaction Beginning inventory Purchase Purchasee $77$ 3,080 18,000 14,875 80 85 440 $ 35,955 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Available for Sale Average Goods Average Ending Average Cost of Goods Sold # of units Cost per # of units Cost per | # of units Cost per unit nventory unit unit Beginning Inventory Purchases May 5 Nov. 3 Total

Explanation / Answer

Schedule :

FIFO # of unit 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 40 77 3080 40 77 3080 Purchases May 5 225 80 18000 225 80 18000 Nov 3 175 85 14875 155 85 13175 20 85 1700 Total 440 35955 420 34255 20 1700

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