During the year, Wright Company sells 420 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost Jan. Beginning 40 $77 $ 3,080 1 inventory May Purchase 225 80 18,000 5 Nov. Purchase 175 85 14,875 3 440 $35,955 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale #of units Cost per unit Cost of Goods Available for Sale 40 $ 77 $ # of units Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods # of units Cost per unit Ending Sold Inventory S 77 $ 3,080 2015 77 $ 1,540 3,080 40 Beginning Inventory Purchases May 5 Nov 3 Total 80 225 175 $ $ 18,000 14.875 35,955 85 225$ 155 5 420 80 85 18,000 13.175 34,255 440 $ $ 20 5 1,540