68 During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 40 270 220 Unit Cost $ 68 71 76 Total Cost $ 2,720 19,170 16,720 $38,610 eBook 530 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Ending Cost per unit Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods # of units Sold 40 $ 68 $ 2,720 $ 68 $ 0 Beginning Inventory Purchases: May 5 270 $ 71 19,170 $ 71 0 Nov. 3 220 $ 76 $ 76 0 16,720 38,610 Total 530 $ 0 $ 0 0 $ 0 69 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 Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 40 225 150 Unit Cost $ 77 80 85 Total Cost $ 3,080 18,000 12,750 $33,830 415 eBook Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Ending # of units Cost per unit Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold 40 $ 77 $ 3,080 $ 77 $ 0 Beginning Inventory Purchases: 205 $ 80 $ 80 0 May 5 Nov. 3 145 $ 85 16,400 12,325 31,805 $ 85 0 Total 390 $ 0 $ 0 0 $