Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 370 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Jan. 1 May. 5 Nov. 3 Transaction Units Cost Total Cost Beginning inventory 50 $75 $ 3,750 Purchase 215 78 16,770 Purchase 130 83 395 10,790 $31,310 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Beginning Inventory 50 $ 75 $ Cost of Goods Available for Sale 3,750 # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 25 $ 75 $ 1,875 Purchases: May 5 215 $ 78 16,770 Nov. 3 130 $ 83 10,790 699 Total 395 $ 31,310 25 $ 78 0 $ 83 0 $ 1,875 0 $ 0