Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6- 3) During the year, Wright Company sells 320 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Units 50 Cost $72 Cast $3,600 Purchase Purchase 200 75 15,000 100 350 8,000 $26,600 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. 180 units of inventory from the May 5 purchase, and 90 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 May 5 Beginning Inventory Purchase $ 0 S 0 0 0 Nov. 3 Purchase 0 0 Total $ 0 0