es During the year, Wright Company sells 495 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Unita Cost Cost January 1 May 5 Beginning inventory Purchase, 50 $67 $3,350 275 70 19,250 November 3 Purchase 225 75 16,875 550 $39,475 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Cost of Goods Sold FIFO Number Cost per Cost of Goods Number of units unit Available for Se of units Cost per unit Cost of Goods Sold Number of units Ending Inventory Cost per Ending unit Inventory Beginning Inventory 50 $ 67 $ 3,350 $ 0 Purchases: May 5 275 70 19,250 0 November 3 225 75 16,875 0 Total 550 $ 39,475 0 $ 0 0 $ 0