Calculate ending inventory and cost of goods sold for 2015, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 230 units of inventory from the May 5 purchase, and 180 units from the November 3 purchase.

During 2015, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for 2015.

Date Transaction Number of Units Units Cost Total Cost
Jan. 1 Beginning inventory 60 $82 $4920
May 5 Purchase 250 85 21,250
Nov. 3 Purchase 200 90 18,000
510 $44170

Required:
Calculate ending inventory and cost of goods sold for 2015, assuming the company uses FIFO.

Consider the market for gas-powered small cars. assume gas-powered small cars are a normal good. for each of the following events, identify which of the determinants of demand or supply are affected. if demand is unaffected by this event because it creates only a supply change, select the “none” option under the “demand determinant” column. similarly, if supply is unaffected by this event because it creates only a demand change, select the “none” option under the “supply determinant” column. event demand determinant supply determinant people decide to have more children. the price of electric small cars falls. the discovery of a new source of iron ore lowers steel prices. an economic recession lowers people’s wealth. a number of major car dealers decide to switch from selling gas-powered cars to selling electric cars. show the effect of the following event on the market for gas-powered small cars: people decide to have more children for each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.