During the year, Wright Company sells 435 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 January 1 Beginning inventory 40 $80 $3,200 May 5 Purchase 240 83 November 19,920 Purchase 180 88 15,840 460 $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. Units Sold Unit Cost Cost of Goods Sold Ending Inventory Units Unit Cost Date January 1 May 5 November 3 40 Ending Inventory Cont 5 0 5 Activity Beginning inventory Purchase Purchase Total 0 0 0 0 0 40 $ $ 0