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

During the year, Wright Company sells 500 remote-control airplanes for $120 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	40	$68	$	2,720
May 5	Purchase	270	71		19,170
Nov. 3	Purchase	220	76		16,720
		530		$	38,610

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, 250 units of inventory from the May 5 purchase, and 210 units from the November 3 purchase