Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO3) During 2015, Wright Company sells 495 remote control airplanes for $100 each. The company has the following inventory purchase transactions for 2015. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 50 $67 $ 3,350 May 5 Purchase 275 70 19,250 Nov. 3 Purchase 225 75 16,875 550 $ 39,475 Calculate ending inventory and cost of goods sold for 2015 assuming the company uses FIFO.