During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number Date Transaction of Units Unit Cost...

Extracted text: During the year, Wright Company sells 460 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number Date Transaction of Units Unit Cost Total Cost $80 $ 3,200 19,920 Jan. 1 Beginning inventory Purchase 40 May 5 Nov. 3 240 83 Purchase 190 88 16,720 470 $ 39,840 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Average # of units Cost per Cost of Average # of units Cost per Average Cost Ending Inventory Goods Goods # of units Available unit unit Sold per unit for Sale Beginning Inventory 40 $ 80 3,200 40 $ 80 3,200 Purchases: May 5 240 $ 83 19,920 240 83 19,920 Nov. 3 190 $ 88 16,720 $ 88 Total 470 $ 39,840||