Brief Exercise 6-6 Calculate ending Inventory and cost of goods sold using LIFO (L06-3) During the year, Wright Company sells 475 remote-control airplanes for $120 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 Unita 40 255 205 500 Unit Cost $ 71 74 79 Total Cost $ 2,840 18,870 16,195 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Sold Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Available for Sale Ending Inventory Ending # of units Cost per unit Inventory # of units Cost per unit Cost of Goods Sold Beginning Inventory Purchases: May 5 Nov. 3 Total