During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $ 75
During the year, Wright Company sells 415 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||
| Jan. 1 | Beginning inventory | 50 | $ | 75 | $ | 3,750 | |||||
| May. 5 | Purchase | 215 | 78 | 16,770 | |||||||
| Nov. 3 | Purchase | 165 | 83 | 13,695 | |||||||
| 430 | $ | 34,215 | |||||||||
Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
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