During the year, Wright Company sells 340 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 May 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 40 210 120 Unit Cost $74 77 82 Total Cost $ 2,960 16,170 9,840 370 $ 28,970 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average Goods # of units Cost per Available unit for Sale 40 $ 74 $ 2,960 Average # of units Cost per unit Cost of Goods Sold # of units Average Cost Ending Inventory per unit Beginning Inventory 40 $ 74 $ 2,960 0 Purchases May 5 190 $ 77 190 $ 77 20 $ 77 1,540 Nov. 3 110 $ 82 14,630 9,020 26,610 $ 82 14,630 9,020 $ 26,6101 10 $ 110 340 82 820 $ 2,360 Total 340 $ 30