7. During the year, Wright Company sells 400 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.

Date	Transaction	Number of Units	Unit Cost	Total Cost
January 1	Beginning inventory	50	$78	$3,900
May 5	Purchase	230	81	18,630
November 3	Purchase	160	86	13,760
		440		$36,290

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, 220 units of inventory from the May 5 purchase, and 130 units from the November 3 purchase.