Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 50 290 240 580 Cost per unit $ 64 67 72 Number of Units 50 290 240 580 Cost of Goods Available for Sale 3,200 $ $ Unit Cost $64 67 72 19,430 17,280 39,910 Total Cost $3,200 19,430 17,280 $39,910 Number of units 0 Cost of Goods Sold Cost per unit Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory Cost per unit Number of units 0 Ending Inventory $ OF

Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of goods sold for the year, assuming the company uses FiFO