The Flybyair Company sells 275 remote control airplanes on N…
The Flybyair Company sells 275 remote control airplanes on Nov. 15, 2024, for $100 each. The company has the following inventory purchase transactions for 2024. Date TransactionNumber of UnitsUnit CostTotal Cost Jan. 1Beginning Inventory 50 $50 $2,500 May 5 Purchase 150 55 8,250 Nov. 3 Purchase 100 60 6,000 Totals 300 $16,750Using the Flybyair Company inventory information and assuming LIFO cost, what is Flybyair’s cost of goods sold?
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