Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO3)
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During 2015, Wright Company sells 510 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2015.
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |
| Jan. 1 | Beginning inventory | 50 | $64 | $ | 3,200 |
| May 5 | Purchase | 290 | 67 | 19,430 | |
| Nov. 3 | Purchase | 240 | 72 | 17,280 | |
| 580 | $ | 39,910 | |||
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO.
10 years ago
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