Question

During the year, Wright Company sells 380 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Unit Units Cost 50 $72 200 75 BO 400 Total Cost $ 3,600 15,000 12.000 $30, 600 150 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale of units Cost per unit Cost of Goods Available for Sale 50 $ 725 3.600 Cost of Goods Sold Ending Inventory of units Cost per unit cost of Goods of units Cost per unit S72500 Ending Inventory Beginning Inventory Purchases May 5 2005 150 $ 75 sol 15,000 12 000 30.500 $ $ Nov 3 75 op op 800 solo Total 400

Answer 1

Inventory Balance Periodic : FIFO Goods Purchasd Cost of Goods Sold cost of Goods Cost Per Available for # of Units Cost Per Cost of # of Units Unit sales sold Unit Goods Sold | Beginnng invenotry| 50 72.00 3600 50 72.00 3600 Purchases May-05 200 75.00 15000 200 75.00 15000 Nov-03 150 80.00 12000 130 80.00 10400 Totals 400 30600 380 29000 # of Units 0 Cost Per Ending Unit Inventory 72. 00 0 0 75. 00 80.00 201 20 0 1600 1600