During the year, Wright Company sells 570 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 Transaction Units Cost Total Cost 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 LIFO. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory LIFO Number Cost per of units unit Beginning Inventory 40 $ 62 $ Cost of Goods Available for Sale 2,480 Number of units Cost per Cost of Goods unit Number Cost per Ending Sold of units unit Inventory $ 0 Purchases: May 5 300 $ 65 19,500 0 November 3 250 $ 70 17,500 0 Total 590 $ 39,480 0 $ 0 0 $ 0