During the year, Wright Company sells 520 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 $62 $2,480 May 5 Purchase 300 65 19,500 November 3 Purchase 250 70 17,500 590 $39,480 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO