Brief Exercise 6-8 (Algo) Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sells 495 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 January 1 Beginning inventory 60 $69 $4,140 May 5 Purchase 265 72 19,080 November 3 Purchase 215 77 16,555 540 $39,775 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, 230 units of inventory from the May 5 purchase, and 205 units from the November 3 purchase.

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