Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 475 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 40 255 205 500 Unit Cost $ 71 74 79 Total Cost $ 2,840 18,870 16,195 $37,905 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 # of units Cost per unit Available for Sale Cost of Goods Sold Cost of Goods Cost per unit Sold Ending Inventory Ending Cost per unit Inventory # of units # of units Beginning Inventory Purchases: May 5 Nov. 3 Total a ARA 22