Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brief exercise 6-7 calculate ending inventory and

Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted average cost...

70.2K

Verified Solution

Question

Accounting

image
Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted average cost (L06- 3) During the year. Wright Company sells 565 remote control al planes for $110 each. The company has the following inventory purchase transactions for the year Unit Cost Date Jan 1 May. S Nov. Transaction Beginning inventory Purchase Purchase Number of Units 60 295 245 600 Yotal Cost $ 3,780 19:470 17.395 540.45 70 Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted werage cost. (Round your overage cost per unit to 4 decimal places.) Cost Weighted Average Cost Cost of Goods Available for Sale Average cost of Goods # of units Cost per Available for unit Sale 00 5 3.780 Cost of Goods Sold-Weighted Average Ending Inventory - Weighted Average Cost of units Average Cost Cost of Goods of units Average Cout In ending Ending sold Sold per Unit Inventory per unit Inventory Beginning inventory Purchases May 5 Nov 3 Total 295 245 600 19.470 17 395 40.645 $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students