Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 420 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Jan. 1 Transaction Beginning inventory Units 40 May. 5 Purchase 225 Cost $77 80 Cost $3,080 18,000 Nov. 3 Purchase 175 440 85 14,875 $35,955 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 # of units Cost per unit Cost of Goods # of units Cost per unit Available for Sale Cost of Goods Sold # of units Cost per unit Beginning Inventory Purchases: May 5 Nov. 3 Total Ending Inventory