Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 450 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory 50 $78 $3,900 Purchase 230 81 18,630 November 3 Purchase 180 460 86 15,480 $38,010 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per Cost of Goods unit Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 78 $ 3,900 50 $ 78 $ 3,900 Purchases: May 5 230 81 18,630 230 81 18,630 0 November 3 180 86 15,480 180 86 15,480 0 Total 460 $ 38,010 460 $ 38,010 0 $ 0