Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3)

During the year, Wright Company sells 440 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory	60	$76	$	4,560
May 5	Purchase	220	79		17,380
Nov. 3	Purchase	170	84		14,280
		450		$	36,220

Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.