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Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 470 remote-control airplanes for $110 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 Unit Units Cost 60 $ 82 250 85 200 90 510 Total Cost $ 4,920 21,250 18,000 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. s FIFO Cost of Goods Available for Sale Cost of Goods # of units Cost per unit Available for Sale $ 0 Ending Inventory Ending Cost per unit Inventory # of units Cost of Goods Sold Cost of Goods Cost per unit Sold $ 0 $ 0 # of units Beginning Inventory Purchases: May 5 Nov. 3 Total $ 0 0 0 0 0 0 $ 0 0 0 0 $ $ 0 S 0 30 ! Part 2 of 3 Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (L06-6) [The following information applies to the questions displayed below.] 0.13 points Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 200 50 Unit Cost $ 85 400 Unit NRV $100 300 eBook Lei Hint Exercise 6-13A Part 2 Print 2. Calculate ending inventory using the lower of cost and net realizable value. References Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics $ 0 Part 3 of 3 Required information Exercise 6-4A Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.] 0.13 points During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units 60 140 210 120 530 Unit Cost $ 52 54 57 58 Total Cost $ 3, 120 7,560 11,970 6,960 $29, 610 eBook Hint For the entire year, the company sells 450 units of inventory for $70 each. Print Required information Exercise 6-13A Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 200 50 Unit Cost $ 85 400 Unit NRV $100 300 Exercise 6-13A Part 1 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. ces Cost of ending inventory (before adjustment) $ 35,000