During the year, Wright Company sells 505 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 Jan. 1 Beginning inventory 40 $65 $ 2,600 May 5 Purchase 285 68 19,380 Nov. 3 Purchase 235 73 17,155 560 $ 39,135 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.