During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.

Date	Transaction	Number of Units	Unit Cost	Total Cost
January 1	Beginning inventory	40	$71	$2,840
May 5	Purchase	255	74	18,870
November 3	Purchase	205	79	16,195
		500		$37,905

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