During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.

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, 275 units of inventory from the May 5 purchase, and 220 units from the November 3 purchase

During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost January 1 Beginning inventory 40 $65 $2 , 600 May 5 Purchase 285 68 19,380 November 3 Purchase 235 73 17 , 155 560 $ 39 , 1 35 Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identication. Actual sales by the company include its entire beginning inventory, 275 units of inventory from the May 5 purchase, and 220 units from the November 3 purchase. January 1 Beginning Inventory May 5 Purchase November 3 Purchase