During 2015, Wright Company sells 495 remote control airplanes for $110 each. The company has the following inventory purchase transactions for 2015. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60

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During 2015, Wright Company sells 330 remote control airplanes for $110 each. The company has the following inventory purchase transactions for 2015.

 

  Date  TransactionNumber
of Units
Unit CostTotal Cost
  Jan. 1  Beginning inventory60       $73 $4,380     
  May 5  Purchase205       76 15,580     
  Nov. 3  Purchase110       81 8,910     
  
 

  375        $28,870     
  

 




 

Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO.

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