During the year, Wright Company sells 435 remote-control airplanes for $120 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 40 $ 80 $ 3,200 May. 5 Purchase 240 83 19,920 Nov. 3 Purchase 180 88 15,840 460 $ 38,960 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory Beginning Inventory not attempted not attempted $0 not attempted $0 $0 not attempted Purchases: May 5 not attempted not attempted 0 not attempted $0 0 not attempted Nov. 3 not attempted not attempted 0 not attempted $0 0 not attempted Total 0 $0 0 $0 0 $0

During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost...

During the year, Wright Company sells 435 remote-control airplanes for $120 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		40		$	80	$	3,200
May. 5	Purchase		240			83		19,920
Nov. 3	Purchase		180			88		15,840
			460				$	38,960

Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.

LIFO	Cost of Goods Available for Sale	Cost of Goods Sold	Ending Inventory
	# of units	Cost per unit	Cost of Goods Available for Sale	# of units	Cost per unit	Cost of Goods Sold	# of units	Cost per unit	Ending Inventory
Beginning Inventory	not attempted	not attempted	$0	not attempted	$0	$0	not attempted
Purchases:
May 5	not attempted	not attempted	0	not attempted	$0	0	not attempted
Nov. 3	not attempted	not attempted	0	not attempted	$0	0	not attempted
Total	0		$0	0		$0	0		$0

Jun 02, 2022

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During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Transaction Number of Units Unit Cost...

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