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. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 50 290 240 Unit Cost $ 64 67 72 Total Cost $ 3,200 19,430 17,280 $39,910 580 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Answer is complete but not entirely correct. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 50 $ 64 $ 3,200 0 X $ 64 $ 0 64 X $ 64 $ 4.096 Beginning Inventory Purchases May 5 Nov. 3 290 $ 67 67 67 X $ 67 4,489 15 X $ 15 X $ 240 $ 19,430 17,280 39,910 72 72 1,005 1,080 2,085 72 X $ 72 5,184 $ 13,769 Total 580 S S 30 $ 203