During the year, Wright Company sells 390 remote-control airplanes for $120 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 40 $77 $3,080
May 5 Purchase 225 80 18,000
Nov. 3 Purchase 150 85 12,750
415 $33,830
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, 205 units of inventory from the May 5 purchase, and 145 units from the November 3 purchase.
Date Activity Units Sold Unit Cost Cost of Ending Unit Ending
Goods Sold Inventary Cost Inventory
Cost Cost
Jan. 1 Beginning inventory
May 5 Purchase
Nov. 3 Purchase
Total 390