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During the year. Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases May 5 November 3 Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Total Number of units Cost of Goods Available for Sale 60 250 200 510 Cost per unit $ Number of Unit Units 60 250 200 510 82 90 Cost Total Cost $82 85 90 Cost of Goods Available for Sale $ 4,920 S $4,920 21,250 18,000 $44,170 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ Ending Inventory Cost per Number of units 0 OF REFER 0 Ending unit Inventory OS

During the year. Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases May 5 November 3 Transaction Beginning inventory Purchase Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Total Number of units Cost of Goods Available for Sale 60 250 200 510 Cost per unit $ Number of Unit Units 60 250 200 510 82 90 Cost Total Cost $82 85 90 Cost of Goods Available for Sale $ 4,920 S $4,920 21,250 18,000 $44,170 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ Ending Inventory Cost per Number of units 0 OF REFER 0 Ending unit Inventory OS

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 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Cost of Goods Available for Sale Number of units 60 250 200 510 Cost per unit $ 82 1818 Number of Unit Units Cost 60 $82 250 85 200 90 510 85 90 Cost of Goods Available for Sale 4,920 S $ Total Cost $4,920 21,250 18,000 $44,178 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0 S D 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory S
Transcribed Image Text:During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning inventory Purchases Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Cost of Goods Available for Sale Number of units 60 250 200 510 Cost per unit $ 82 1818 Number of Unit Units Cost 60 $82 250 85 200 90 510 85 90 Cost of Goods Available for Sale 4,920 S $ Total Cost $4,920 21,250 18,000 $44,178 21,250 18,000 44,170 Number of units Cost of Goods Sold Cost per Cost of Goods unit Sold $ 0 S D 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory S
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