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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
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.
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