Question

ainutes During the year, Wright Company sels 465 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Unit Cost Date Jan 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 50 245 195 Total Cost $ 4,050 20.580 17,355 89 490 $ 41,985 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO, FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of of units unit for Sale Average Cost per A Ending Inventory Average . of Cost Ending units per Inventor Goods ble of Average Cost of Cost Goods Sold unit units per Beginning Inventory of so Purchases May 5 Nov. 3 Total

Answer 1

	Cost of goods available for sale			Cost of goods sold			Ending Inventory
FIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory      (A) - (B)	Cost per unit	Ending Inventory
Beginning Inventory	50	$          81	$       4,050	50	$          81	$         4,050	-	$          81	$                -
Purchases:
May-05	245	$          84	$     20,580	245	$          84	$       20,580	-	$          84	$                -
Nov-3	195	$          89	$     17,355	170	$          89	$       15,130	25	$          89	$         2,225
Total	490		41,985	465		39,760	25		2,225