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In: AccountingBrief Exercise 6-5 Calculate ending inventory and cost of goodssold using FIFO (LO6-3)During the...Brief Exercise 6-5 Calculate ending inventory and cost of goodssold using FIFO (LO6-3)During the year, Wright Company sells 440 remote-controlairplanes for $110 each. The company has the following inventorypurchase transactions for the year. Date TransactionNumberof UnitsUnit CostTotal Cost Jan. 1 Beginning inventory60 $76 $4,560 May 5 Purchase220 79 17,380 Nov. 3 Purchase170 84 14,280450 $36,220 Calculate ending inventory and cost of goods sold for the year,assuming the company uses FIFO.
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