Categories
(Get Answer) – Brief exercise 6-7 calculate ending inventory and cost of goods sold
During 2015, Wright Company sells 495 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 | $69 | $ | 4,140 |
| May 5 | Purchase | 265 | 72 | 19,080 | |
| Nov. 3 | Purchase | 215 | 77 | 16,555 | |
|
|
|
|
|||
| 540 | $ | 39,775 | |||
|
|
|
|
|||
|
|
|||||
|
Calculate ending inventory and cost of goods sold for 2015, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) |
|