During the year, Wright Company sells 495 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Unit Date Jan. 1 May, s Nov. 3 Transaction Beginning inventory Purchase Purchase Number of Units 60 265 215 540 Cost Total Cost $ 69 $ 4,140 72 19,050 77 16.555 $39,775 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 230 units of inventory from the May 5 purchase, and 205 units from the November 3 purchase Date Units Sold Unit Cost Unit Cost Jan 1 May 5 Nov 3 Activity Beginning inventory Purchase Purchase Total 230 205 435 72 77 Cost of Goods Sold Ending Inventory Units $ 0 16 560 35 15.785 10 $ 32 345 45 72 77 Ending Inventory Cost $ 0 2 520 770 $ 3290