Question

During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.

Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.

Date
Transaction
Number of Units
Unit Cost
Total Cost
$ 4,920
21,250
Jan. 1
Beginning inventory
60
$82
May 5
Purchase
250
85
Nov. 3
Purchase
200
90
18,000
$44,170
510
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Inventory Valuation

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Transcribed Image Text

Date Transaction Number of Units Unit Cost Total Cost $ 4,920 21,250 Jan. 1 Beginning inventory 60 $82 May 5 Purchase 250 85 Nov. 3 Purchase 200 90 18,000 $44,170 510