During the year, Wright Company sells 495 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases: May 5 November 3 Transaction Beginning inventory Purchase Purchase Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 50 275 225 550 Cost per unit $ 67 Number of Unit Units Cost $67 50 275 225 550 70 75 Cost of Goods Available for Sale $ 3,350 $ 70 75 19,250 16,875 39,475 Total Cost $3,350 19,250 16,875 $39,475 Number of units 0 Cost of Goods Sold Cost per unit Cost of Goods Sold $ $ 0 0 0 0 Ending Inventory Number Cost per Ending Inventory of units unit 0 $ 0

During the year, Wright Company sells 495 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the yeat. Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO