Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale of costruit Cost of Goods of units Available for sale units 40 Cost of Goods Sold Ending Inventory Cost of of Ending Openloads Saldunits cost per unit unter fa Brief Exercise 6-6 Calculate ending Inventory and cost of goods sold using LIFO (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 Total Date Transaction Units Cost Cost Jan. 1 Beginning inventory 5 0 $81 $ 4,05 May. 5 Purchase 245 84 20,589 Nov. 3 Purchase 190 8 9 16,910 D 405 41 54A die Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Cost of Goods Sold Cost of Goods Available for Sale # of Cester unit Cost of Goods units Cost of Ending Inventory i Ending units Fof Cost per unit Inventory units Cost per unit able for Sale Goods Sold Beginning Inventory Purchases May 5 Nov. 3 Total Brief Exercise 6-8 Calculate ending Inventory and cost of goods sold using specific Identification (LO6-3) During the year, Wright Company sells 550 remote-control airplanes for $100 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 50 Unit Total Cost Cost $64 $ 3,200 6719, 430 72 17 280 $39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 275 units of inventory from the May 5 purchase, and 225 units from the November 3 purchase. Date Activity Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units United Ending Inventory Cost Beginning Inventory BTT May 5 Nov. 3