Financial Accounting – need the answer now

Wright Company had the following information for the year ending December 31: 

 

 

Units

Unit Cost

Beginning inventory

240

$


45

Purchase:

April 6

290

43

Sale:

May 4

500

 

Purchase:

July 19

470

41

Sale:

September 9

300

 

Purchase:

October 10

200

37

 

 

 

 

 

Wright uses the perpetual inventory system and the FIFO method.

Required:

Using FIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.