During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $ 72 $ 3,600 May. 5 Purchase 200 75 15,000 Nov. 3 Purchase 100 80 8,000 350 $ 26,600 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.) eighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold − Weighted Average Cost Ending Inventory − Weighted Average Cost # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 50 $3,600 Purchases: May 5 200 15,000 Nov.3 100 8,000 Total 350 not attempted $26,600 $ $
During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $ 72 $ 3,600 May. 5 Purchase 200 75 15,000 Nov. 3 Purchase 100 80 8,000 350 $ 26,600 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.) eighted Average Cost Cost of Goods Available for Sale Cost of Goods Sold − Weighted Average Cost Ending Inventory − Weighted Average Cost # of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory Beginning Inventory 50 $3,600 Purchases: May 5 200 15,000 Nov.3 100 8,000 Total 350 not attempted $26,600 $ $
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
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During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||
| Jan. 1 | Beginning inventory | 50 | $ | 72 | $ | 3,600 | |||||
| May. 5 | Purchase | 200 | 75 | 15,000 | |||||||
| Nov. 3 | Purchase | 100 | 80 | 8,000 | |||||||
| 350 | $ | 26,600 | |||||||||
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.)
| eighted Average Cost | Cost of Goods Available for Sale | Cost of Goods Sold − Weighted Average Cost | Ending Inventory − Weighted Average Cost | ||||||
| # of units | Average Cost per unit | Cost of Goods Available for Sale | # of units sold | Average Cost per Unit | Cost of Goods Sold | # of units in ending inventory | Average Cost per unit | Ending Inventory | |
| Beginning Inventory | 50 | $3,600 | |||||||
| Purchases: | |||||||||
| May 5 | 200 | 15,000 | |||||||
| Nov.3 | 100 | 8,000 | |||||||
| Total | 350 | not attempted | $26,600 | $ | $ |
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