During the year, Wright Company sells $485$ remote$-$control airplanes for $$110$ each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.

Brief Exercise $6-5($Algo$)$ Calculate ending inventory and cost of goods sold using FIFO $($LO$6-3)$

During the year, Wright Company sells $495$ remote$-$control airplanes for $$100$ each. The company has the following inventory purchase transactions for the year.

$\backslash$table$[[$Date$,,$Number of$,$Unit,$],[$January $1,$Beginning inventory,Units,Cost,Total Cost$],[$May $5,$Purchase,$50,$$$67,$$$3,350$