help me Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3)During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year.DateTransactionJan. 1 Beginning inventoryMay. 5 PurchaseNov. 3 PurchaseFIFOBeginning InventoryPurchases:May 5Nov. 3Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.Cost of Goods SoldCost per unitTotalNumber of UnitUnitsCost60280230570Cost of Goods#of units Cost per unit60 $66280 $230$570vailable for Sale6974$666974$$TotalCost$ 3,96019,32017,020$40,300Cost of GoodsAvailable for Sale3,96019,32017,02040,300# of units60 $280 $$340666974Cost of GoodsSold$$3,96019,320023,280#of units000Ending InventoryCost per unitEndingInventory$0

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Description: help me Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3)During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchasetransactions for the year

calculation ending inventory and cost of goods sold are as follows

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Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase Transaction Number of Unit Units Cost $66 69 74 60 280 230 570 Total Cost $3,960 19,320 17,020 $40,300

Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase Transaction Number of Unit Units Cost $66 69 74 60 280 230 570 Total Cost $3,960 19,320 17,020 $40,300

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at 54 8 Sale 75 units 15 Purchase 125 units at 60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (A) the cost of goods sold on July 27 and (B) the inventory on July 31.
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FIFO and UFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 7,200 units at 160 Sale 4,800 units at 300 First purchase 16,000 units at 168 Sale 12,000 units at 300 Second purchase 15,000 units at176 Sale 11,000 units at 300 The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (A) FIFO and (B) UFO?
Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Cash 13,500 Accounts Receivable 72,000 Merchandise Inventory, January 1,2019 257,000 Estimated Returns Inventory 35,000 Office Supplies 3,000 Prepaid Insurance 4,500 Land 150,000 Store Equipment 270,000 Accumulated DepreciationStore Equipment 55000 Office Equipment 78,500 Accumulated DepreciationOffice Equipment 16000 Accounts Payable 27,800 Customer Refunds Payable 50,000 Salaries Payable 3,000 Unearned Rent 8,300 Notes Payable 50,000 Shirley Wyman, Capital 515,600 Shirley Wyman, Drawing 25,000 Sales 3280000 Purchases 2650000 Purchases Returns and Allowances 93,000 Purchases Discounts 37,000 Freight In 48,000 Sales Salaries Expense 300,000 Advertising Expense 45,000 Delivery Expense 9,000 Depreciation ExpenseStore Equipment 6,000 Miscellaneous Selling Expense 12,000 Office Salaries Expense 175,000 Rent Expense 28,000 Insurance Expense 3,000 Office Supplies Expense 2,000 Depreciation Expense-Office Equipment 1,500 Miscellaneous Administrative Expense 3,500 Rent Revenue 7,000 Interest Expense 2,000 Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
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