Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weigh

Question

Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3) During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year Number Transaction Date Jan 1 Beginning inventory May 5 Purchase Nov. 3 of Units Unit Cost Total Cost S69 $ 4.140 19,080 16,555 60 265 215 72 Purchase 540 $ 39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. Round your average cost per unit to 4 decimal places.) ost Ending Inventory ighted Average Cost of Goods Available for Sale Average Cost Cost Weighted Average Cost Average Cost per unit Cost of Goods Available for Sale its Avere Ending # of Average Cost of in ending Cost per Inventory Cost per Goods Sold | inventory s | # of units # of units sold Unit 60 4.140 Beginning Inventory Purchases May 5 Nov.3 265 215 540 19,080 16,555 39,775 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 Beg inv 60 4140 Purchases: 5-May 265 19080 3-May 215 16555 Total 540 73.6574 39775 495 73.6574 36460 45 73.6574 3315

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