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During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.Number 0fUnitsUnitTotalTransactionDateCostCost$ 2,84018,87016,195$ 71Beginning inventoryPurchase40Jan. 1Маy. 5Nov. 325574205Purchase79$37,905500Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round youraverage cost per unit to 4 decimal places.)Cost of Goods Sold - Weighted Average Ending Inventory-Weighted AverageCost of Goods Available for SaleCostCostWeighted AverageCostCost of Goods# of units Average Cost Cost of GoodsAvailable forAverageCost per#of unitsin ending Average CostinventoryEndingInventory#of unitsSoldsoldper Unitper unitSaleunitBeginning Inventory2,84040Purchases:18,870May 5255Nov.316,19520537,905500Total$0.000.00$.....

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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 0f
Units
Unit
Total
Transaction
Date
Cost
Cost
$ 2,840
18,870
16,195
$ 71
Beginning inventory
Purchase
40
Jan. 1
Маy. 5
Nov. 3
255
74
205
Purchase
79
$37,905
500
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.)
Cost of Goods Sold - Weighted Average Ending Inventory-Weighted Average
Cost of Goods Available for Sale
Cost
Cost
Weighted Average
Cost
Cost of Goods# of units Average Cost Cost of Goods
Available for
Average
Cost per
#of units
in ending Average Cost
inventory
Ending
Inventory
#of units
Sold
sold
per Unit
per unit
Sale
unit
Beginning Inventory
2,840
40
Purchases:
18,870
May 5
255
Nov.3
16,195
205
37,905
500
Total
$
0.00
0.00
$
.....
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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 0f Units Unit Total Transaction Date Cost Cost $ 2,840 18,870 16,195 $ 71 Beginning inventory Purchase 40 Jan. 1 Маy. 5 Nov. 3 255 74 205 Purchase 79 $37,905 500 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.) Cost of Goods Sold - Weighted Average Ending Inventory-Weighted Average Cost of Goods Available for Sale Cost Cost Weighted Average Cost Cost of Goods# of units Average Cost Cost of Goods Available for Average Cost per #of units in ending Average Cost inventory Ending Inventory #of units Sold sold per Unit per unit Sale unit Beginning Inventory 2,840 40 Purchases: 18,870 May 5 255 Nov.3 16,195 205 37,905 500 Total $ 0.00 0.00 $ .....

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Step 1

Inventory valuation can be done under different methods like FIFO,LIFO, Weighted Average.

To ascertain the weighted average cost per unit the Cost of goods available for sale are divided by the number of goods available for sale.

Step 2

Computation of Closing Inventor...

Inventory Valuation
Cost of Goods
available for sale
units p.u
Cost of Goods Sold
Units p.u
Ending Inventory
Units p.u
Particulars
Amount
Amount
amount
Opening Bal
Purchases
May 5
40
71
2840
255
74
18870
205
Nov 3
79
16195
25 75.81
500 75.81
475 75.81
Total
36009.8
1895.25
37905
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Inventory Valuation Cost of Goods available for sale units p.u Cost of Goods Sold Units p.u Ending Inventory Units p.u Particulars Amount Amount amount Opening Bal Purchases May 5 40 71 2840 255 74 18870 205 Nov 3 79 16195 25 75.81 500 75.81 475 75.81 Total 36009.8 1895.25 37905

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