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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