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Calculate ending inventory and cost of goods sold

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During the year, Wright Company sells 480 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

Jaan. 1       Beginning inventory 50                        $70                            $3,500

May. 5        Purchase 260                                     73                            18,980

Nov. 3     Purchase 210                                         78                            16,380

                                                                         520                            $38,860

Question 1: Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.

Reference no: EM132488403

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