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During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the...

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Accounting

During the year, Wright Company sells 450 remote-controlairplanes for $100 each. The company has the following inventorypurchase transactions for the year.
  Date   Transaction Number
of Units Unit Cost Total Cost
  Jan. 1   Beginning inventory 50        $81   $ 4,050
  May 5   Purchase 245        84 20,580
  Nov. 3   Purchase 190        89 16,910
485        $ 41,540
Calculate ending inventory and cost of goods sold for the year,assuming the company uses LIFO.
LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Average Cost per unit Cost of Goods Available for Sale # of units Average Cost per unit Cost of Goods Sold # of units Average Cost per unit Ending Inventory
Beginning Inventory $0 $0 $0
Purchases:
May 5 0 $0 0
Nov. 3 0 $0 0
Total 0 $0

Answer & Explanation Solved by verified expert

3.9 Ratings (722 Votes)

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	50	$ 81.00	$ 4,050.00	50	$ 81.00	$ 4,050.00	0	$ 81.00	$ -
Purchases:
05-May	245	$ 84.00	$ 20,580.00	245	$ 84.00	$ 20,580.00	0	$ 84.00	$ -
03-Nov	190	$ 89.00	$ 16,910.00	190	$ 89.00	$ 16,910.00	0	$ 89.00	$ -
TOTAL	485		$ 41,540.00	485		$ 41,540.00	0		$ -

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