Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3)

During the year, Wright Company sells 470 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		$	82		$	4,920
May. 5	Purchase		250			85			21,250
Nov. 3	Purchase		200			90			18,000
			510					$	44,170

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 180 units from the November 3 purchase.