Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (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 Units 60 250 200 Unit Cost $ 82 85 90 Total Cost $ 4,920 21,250 18,000 $44,170 510 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 Sold Ending Inventory Cost of Goods Available for Sale Cost of Goods # of Cost per Available for units unit Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 60 $ 82 $ 4,920 60 $ 82 $ 4,920 0 Beginning Inventory Purchases: May 5 250 85 21,250 250 $ 85 0 Nov. 3 200 $ 90 18,000 160 X $ 90 21,250 14,400 40,570 40 X $ 90 3,600 Total 510 $ 44,170 470 $ 40 $ 3,600