During the year, Wright Company sells 400 remote-control airplanes for $110 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 60 $73 $4,380
May. 5 Purchase 205 76 15,580
Nov. 3 Purchase 155 81 12,555
420 $ 32,515
Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
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During the year, Wright Company sells 400 remote-control airplanes for $110 each. The company has th...
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