During 2015, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase t
ransactions for 2015.
Calculate ending inventory and cost of goods sold for 2015, assuming the company uses FIFO.
Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 60 $82 $4,920
May 5 Purchase 250 85 21,250
Nov. 3 Purchase 200 90 18,000
510 $44,170
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 275 units of inventory from the May 5 purchase, and 220 units from the November 3 purchase.
Calculate ending inventory and cost of goods sold for 2015, assuming the company uses FIFO.
Date Transaction Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 60 $82 $4,920
May 5 Purchase 250 85 21,250
Nov. 3 Purchase 200 90 18,000
510 $44,170
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 275 units of inventory from the May 5 purchase, and 220 units from the November 3 purchase.
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