Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan. May. 5 Nov. 3 Transaction eginning inventory Purchase Purchase Number of Unit Unite Cost 40 $ 68 270 71 220 Total Cost $ 2, 720 19,170 16, 720 $38.610 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit cost of Goods Available for Sale Sale of units F S Cost per unit LOS per cost of goods Sold of units Cost per unit Ending Beginning Inventory Purchases May 5