During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has...
90.2K
Verified Solution
Link Copied!
Question
Accounting
During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ 300 250 $ 590 SASA $ 62 65 70 Number of Units 40 300 250 590 $ Unit Cost $ 62 65 70 Cost of Goods Available for Sale $ 2,480 Total Cost $ 2,480 19,500 17,500 19,500 17,500 39,480 $ 39,480 Number of units Cost of Goods Sold 0 Cost per Cost of Goods unit Sold $ $ 0 OO 0 0 0 Ending Inventory Cost per Ending Inventory unit Number of units 0 $ 0 
During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO
During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 LIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Number of units 40 Cost per unit $ 300 250 $ 590 SASA $ 62 65 70 Number of Units 40 300 250 590 $ Unit Cost $ 62 65 70 Cost of Goods Available for Sale $ 2,480 Total Cost $ 2,480 19,500 17,500 19,500 17,500 39,480 $ 39,480 Number of units Cost of Goods Sold 0 Cost per Cost of Goods unit Sold $ $ 0 OO 0 0 0 Ending Inventory Cost per Ending Inventory unit Number of units 0 $ 0
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.