Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (L06- 3) During the year, Wright Company sells 340 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Unit Cost $ 74 77 Total cost 2.960 16,170 9.8.40 $28,970 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, 190 units of Inventory from the May 5 purchase, and 110 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 Nov 3 Beginning Inventory Purchase Purchase Total