2023 During 2015 Wright Company sells 330 remote control airplanes for 110 each | Assignments Online
2023 During 2015 Wright Company sells 330 remote control airplanes for 110 each | Assignments Online
Assignments Online 2023 Business Finance
During 2015, Wright Company sells 330 remote control airplanes for $110 each. The company has the following inventory purchase transactions for 2015.
| 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 | 110 | 81 | 8,910 | |
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| 375 | $ | 28,870 | |||
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Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO.
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