During the year, Wright Company sells 435 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date Jan. 1 Beginning inventory May, 5 Purchase Nov. 3 Purchase Transaction Number of Units Unit Total Cost Cost 40 240 $ 80 83 $ 3,200 19,920 180 460 88 15,840 $38,960 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, 225 units of inventory from the May 5 purchase, and 170 units from the November 3 purchase. Date Jan. 11 May 5 Activity Beginning Inventory Purchase Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost 40 $ 80 $ 3,200 80 $ 1,200 225 83 18,675 83 0 Nov. 3 Total Purchase 170 88 14,960 88 0 435 $ 36,835 15 $ 1,200 Pray