70 During the year, Wright Company sells 390 remote-control airplanes for $120 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 40 225 150 Unit Cost $ 77 80 85 Total Cost $ 3,080 18,000 12,750 $33,830 Skipped 415 eBook Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Cost of Goods Available for Sale Cost of Goods Sold - Weighted Average Cost Weighted Average Cost Average Cost per unit # of units Ending Inventory - Weighted Average Cost # of units Average Cost in ending Ending inventory per unit Inventory Cost of Goods # of units Available for sold Sale $ 3,080 Average Cost per Unit Cost of Goods Sold 40 Beginning Inventory Purchases: May 5 225 Nov.3 150 18,000 12,750 33,830 Total 415 $ 71 During the year, Wright Company sells 565 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 60 295 245 Unit Cost $ 63 66 71 Total Cost $ 3,780 19,470 17,395 $ 40,645 Skipped 600 eBook 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, 285 units of inventory from the May 5 purchase, and 220 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 Purchase May 5 Nov. 3 Purchase Total