Solution-Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold

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Reference no: EM131904934

During the year, Wright Company sells 470 remote-control airplanes $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	582	$4,920
May. 5	Purchase	250	85	21,250
Nov. 3	Purchase	200	90	18,000

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

Reference no: EM131904934

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Calculate ending inventory and cost of goods sold

Reference no: EM131904934

Reference no: EM131904934

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