During the year, Wright Company sells 425 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost Jan. 1 Beginning inventory May. 5 Purchase Nov. 3 Purchase 60 $ 79 $ 4,740 235 82 19,270 170 465 87 14,790 $38,800 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, 215 units of inventory from the May 5 purchase, and 150 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 Beginning Inventory May 5 Purchase Nov. 3 Purchase Total