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 | Transaction | Number of Units | Unit Cost | Total Cost | |
| Jan. 1 | Beginning inventory | 60 | $73 | $ | 4,380 |
| May 5 | Purchase | 205 | 76 | 15,580 | |
| Nov. 3 | Purchase | 110 | 81 | 8,910 | |
| 375 | $ | 28,870 | |||
Calculate ending inventory and cost of goods sold for 2015 assuming the company uses LIFO.
10 years ago
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