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Determine and calculate ending inventory and cost of goods

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During the year, Wright Company sells 500 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.

Date    Transaction                      Number of Cost            Total Cost

Jaan. 1 Beginning inventory 40        $68                       $2,720

May. 5 Purchase 270                     71                          19,170

Nov. 3 Purchase 220                     76                          16,720

                                                  530                         $38,610

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

Reference no: EM132488409

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