During the year, Wright Company sells 375 remote-control airplanes for $110 each. The company has...
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Accounting
During the year, Wright Company sells 375 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $ 76 $ 4,560 May 5 Purchase 220 79 17,380 November 3 Purchase 140 84 11,760 420 $ 33,700 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.
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