Answer Happy

During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase LIFO Transaction Beginning Inventory Purchases May 5 Nov 3 Total Number of Unit Units Cost $69 72 77 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale 60 265 215 540 265 $ 215 $ 540 of units Cost per unit 60 $ 60 72 77 Total Cost $ $4,140 19,080 16,555 $39,775 Cost of Goods Available for Sale 4,140 $ 19.080 16.555 39.775 Cost of Goods Sold of units Cost per unit Cost of Goods Sold $ $ 0 $ $ 72 77 $ 0 0 0 0 Ending Inventory of units Cost per unit 0 Ending Inventory $ 0