Question
During 2015, Write Company sells 460 remote control airplanesfor $120 each. The company has the following investory purchasetransactions for 2015.
|
Date |
Transactions |
Number of units |
Unit Cost |
Total Cost |
|
Jan 1 |
Beginning inventory |
40 |
$80 |
$3200 |
|
May 5 |
Purchase |
240 |
$83 |
$19920 |
|
Nov 3 |
Purchase |
190 |
$88 |
$16720 |
|
|
|
470 |
|
$39840 |
Calculate the ending inventory and cost of goods sold for 2015assuming the company uses FIFO.
|
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
|
|
# units $/unit $$ |
# units $/unit $$ |
# units $/units $$ |
|
Beginning inventory |
? ? |
? |
? |
|
Purchases: |
? ? |
|
|
|
May 5 |
? ? |
? |
? |
|
Nov 3 |
? ? |
? |
? |
|
Total |
? |
? |
? |
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