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Calculate ending inventory and cost of goods sold for year

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Question - During the year, Wright Company sells 400 remote-control airplanes for $100 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

50

$78

$3,900

May 5

Purchase

230

81

18,630

Nov. 3

Purchase

160

86

13,760

 

 

440

 

$36,290

Required - Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost.

Reference no: EM133062793

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