Question

During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory	50	$81	$	4,050
May 5	Purchase	245	84		20,580
Nov. 3	Purchase	190	89		16,910
		485		$	41,540

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

	LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Average Cost per unit Cost of Goods Available for Sale # of units Average Cost per unit Cost of Goods Sold # of units Average Cost per unit Ending Inventory Beginning Inventory $0 $0 $0 Purchases: May 5 0 $0 0 Nov. 3 0 $0 0 Total 0 $0

Answer 1

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	50	$                81.00	$                        4,050.00	50	$               81.00	$                 4,050.00	0	$                 81.00	$                         -
Purchases:
05-May	245	$                84.00	$                      20,580.00	245	$               84.00	$               20,580.00	0	$                 84.00	$                         -
03-Nov	190	$                89.00	$                      16,910.00	190	$               89.00	$               16,910.00	0	$                 89.00	$                        -
TOTAL	485		$                      41,540.00	485		$               41,540.00	0		$                         -