During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 60 $69 $4,140 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Beginning Inventory 60 $ 69 $ Cost of Goods Available for Sale 4,140 Number of units Cost per Cost of Goods unit Number Sold of units Ending Inventory Cost per unit Ending Inventory $ 0 Purchases: May 5 265 $ 72 19,080 0 November 3 215 $ 77 16,555 0 Total 540 $ 39,775 $ 0 0 $ 0
During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 60 $69 $4,140 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Beginning Inventory 60 $ 69 $ Cost of Goods Available for Sale 4,140 Number of units Cost per Cost of Goods unit Number Sold of units Ending Inventory Cost per unit Ending Inventory $ 0 Purchases: May 5 265 $ 72 19,080 0 November 3 215 $ 77 16,555 0 Total 540 $ 39,775 $ 0 0 $ 0
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 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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