Calculate cost of goods sold

Reference no: EM131520881

Question: 1. At the beginning of 2012, Bryers Incorporated reports inventory of $7,000. During 2012, the company purchases additional inventory for $22,000. At the end of 2012, the cost of inventory remaining is $9,000. Calculate cost of goods sold for 2012.

2. During 2012, Wright Company sells 320 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2012.

Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO.

Reference no: EM131520881

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