1. During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.

Date

Transaction

Number of Units

Unit Cost

Total Cost

Jan. 1

Beginning inventory

60

$73

$

4,380

May 5

Purchase

205

76

15,580

Nov. 3

Purchase

110

81

8,910

375

$

28,870

Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 185 units of inventory from the May 5 purchase, and 85 units from the November 3 purchase.

Date	Activity	Units Sold	Unit Cost	Cost of Goods Sold	Ending Inventory Units	Unit Cost	Ending Inventory Cost
Jan. 1	Beginning Inventory		$73	$4,380		73	$0
May 5	Purchase		76	15,580		76	0
Nov. 3	Purchase		81	8,910		81	0
	Total	375		$28,870	0		$0