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 Units Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Purchase Unit Cost $ 77 80 85 225 150 415 Total Cost $ 3,080 18,000 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. Date Ending Inventory Units 25 Unit Cost 77 Ending Inventory Cost $ 1,925 Jan. 1 May 5 Nov. 3 Activity Beginning Inventory Purchase Purchase Total Units Sold 40 205 145 390 Unit Cost $ 77 8 0 85 Cost of Goods Sold $ 3,080 16,400 12,325 $ 31, 805 80 85 0 2 5 $ 1,925