nces During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 11 May 5 Transaction Units Cost Total Cost Beginning inventory 40 $62 $2,480 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. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Number Cost per Sold of units unit Ending Inventory Beginning Inventory 40 $ 62 $ 2.480 Purchases May 5 300 65 19.500 November 3 250 70 17,500 Total 590 $ 39,480 nces During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 11 May 5 Transaction Units Cost Total Cost Beginning inventory 40 $62 $2,480 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. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory FIFO Number Cost per Cost of Goods Number of units unit Available for Sale of units Cost per unit Cost of Goods Number Cost per Sold of units unit Ending Inventory Beginning Inventory 40 $ 62 $ 2.480 Purchases May 5 300 65 19.500 November 3 250 70 17,500 Total 590 $ 39,480