Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.Number ofUnitTotalDateTransactionUnitsCostCost$ 2,84018,870Jan. 1Beginning inventory40$ 71Маy.5Purchase25574Nov. 3Purchase2057916,195500$37,905Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.LIFOCost of Goods Available for SaleCost of Goods SoldEnding InventoryEndingInventoryCost of GoodsCost of Goods# of unitsCostper unit# of unitsCost per unit# of units Cost per unitAvailable for SaleSoldBeginning InventoryPurchases:May 5Nov. 3Total

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Description: Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3)During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.Number

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Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Transaction Beginning inventory Date Units Cost Cost $ 2,840 18,870 16,195 Jan. 1 40 $ 71 May. 5 Nov. 3 Purchase 255 74 Purchase 205 79 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit Beginning Inventory Purchases: May 5 Nov. 3 Total

Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Transaction Beginning inventory Date Units Cost Cost $ 2,840 18,870 16,195 Jan. 1 40 $ 71 May. 5 Nov. 3 Purchase 255 74 Purchase 205 79 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit Beginning Inventory Purchases: May 5 Nov. 3 Total

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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