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During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchas transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase 15,580 8,910 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Total Number of units 60 $ Cost of Goods Available for Sale Cost per unit 205 $ 110 $ 375 Number of Unit Cost $73 76 81 73 $ 76 81 Units 60 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 Cost of Goods Sold Number Cost per Cost of Goods of units unit Sold 0 $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units Ending Inventory

During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchas transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase 15,580 8,910 $28,870 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Total Number of units 60 $ Cost of Goods Available for Sale Cost per unit 205 $ 110 $ 375 Number of Unit Cost $73 76 81 73 $ 76 81 Units 60 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 Cost of Goods Sold Number Cost per Cost of Goods of units unit Sold 0 $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units Ending Inventory

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Number of units 60 Cost of Goods Available for Sale Cost per unit $ 205 $ 110 S 375 73 76 81 Number of Unit Cost $73 76 81 Units 60 S 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 15,580 8,910 $28,870 Number of units Cost of Goods Sold 0 Cost per Cost of Goods unit Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
Transcribed Image Text:During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Number of units 60 Cost of Goods Available for Sale Cost per unit $ 205 $ 110 S 375 73 76 81 Number of Unit Cost $73 76 81 Units 60 S 205 110 375 $ Cost of Goods Available for Sale 4,380 Total Cost $4,380 15,580 8,910 28,870 15,580 8,910 $28,870 Number of units Cost of Goods Sold 0 Cost per Cost of Goods unit Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ 0
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