During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purcha: transactions for the year. Unit Cost $ 65 68 Total Cost $ 2,600 19,380 17,155 Number of Units Date Transaction 40 Beginning inventory Purchase Jan. 1 285 May. 5 Nov. 3 Purchase 235 73 560 $39,135 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 Cost Ending Inventory – Weighted Average Cost Cost of Goods Available for Sale Weighted Average Cost Average # of units Cost per unit Cost of Goods Available for Sale # of units Average Cost Cost of Goods per Unit # of units Average Cost in ending inventory Ending Inventory sold Sold per unit 40 2,600 Beginning Inventory Purchases: May 5 285 19.380 Νov3 235 17 155 39,135 535 0.00 25 S 120.00000 $ 3.000.00 Total 560 120.0000
During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purcha: transactions for the year. Unit Cost $ 65 68 Total Cost $ 2,600 19,380 17,155 Number of Units Date Transaction 40 Beginning inventory Purchase Jan. 1 285 May. 5 Nov. 3 Purchase 235 73 560 $39,135 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 Cost Ending Inventory – Weighted Average Cost Cost of Goods Available for Sale Weighted Average Cost Average # of units Cost per unit Cost of Goods Available for Sale # of units Average Cost Cost of Goods per Unit # of units Average Cost in ending inventory Ending Inventory sold Sold per unit 40 2,600 Beginning Inventory Purchases: May 5 285 19.380 Νov3 235 17 155 39,135 535 0.00 25 S 120.00000 $ 3.000.00 Total 560 120.0000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage