During the year, Wright Company sells 500 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Jan. 1 Transaction Unita Beginning inventory Purchase 60 2001 Total Cost Cost $66 $3,960 19,320 Nov. 3 Purchase 230 570 74 17,020 $40,300 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Beginning Inventory 60 $ 66 3,960 Cost of Goods # of units Cost per unit Available for Sale $ Cost of Goods Sold # of units Cost per unit Ending Inventory $ 66 $ 0 Purchases: May 5 280 $ 69 19.320 $ 69 0 Nov. 3 230 $ 74 17,020 $ 74 0 Total 570 $ 40,300 0 $ 0 S 0