During the year, Wright Company sells 390 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Beginning inventory Purchase 40 Cost $77 Total Cost $3,080 225 80 18,000 November 3 Purchase 150 415 85 12,750 $33,830 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, 205 units of inventory from the May 5 purchase, and 145 units from the November 3 purchase. Answer is complete but not entirely correct. Date January 1 May 5 Activity Units Sold Unit Cost of Goods Cost Sold Ending Inventory Units Unit Cost Ending Inventory Cost Beginning Inventory 40 77 $ 3,080 25 77 $ 1,925 Purchase 225 80 18,000 25 80 2,000 November 3 Purchase 150 X 85 12,750 25 x 85 2,125 Total 415 $ 33,830 75 $ 6,050