Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (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. Number Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase of Units Uni Cost Total Cost $64 $ 3,200 19,430 17,280 50 290 240 67 72 580 $ 39,910 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO Answer is not complete LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Average Cost of Average Cost per unit Average Cost per unit Ending #of units #of units Cost per unit Goods Sold #of units Inventory Beginning Invento Purchases 50$ 64$ 3,200 30 x $ 64 1,920 64 1,920 May 5 Nov. 3 290$ 19,430290$ 6719,430 240$ 17,280240$ 7217,280 580 Total $ 39,910 560 $ 38,630