During the year, Wright Company sells 535 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 Transaction Number of Unit Units Cost Total Cost Beginning inventory 40 $65 $2,600 Purchase Purchase 285 68 19,380 235 73 17,155 560 $39,135 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. Date January 11 May 5 Activity Beginning Inventory Units Sold Unit Cost 40 $ Cost of Goods Sold Ending Inventory Units Unit Cost Ending Inventory Cost 65 $ 2,600 65 $ Purchase 68 0 68 CO November 3 Purchase 73 0 73 0 Total 40 $ 2.600 $ 0