During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units 40 270 220 Unit Cost $68...

Extracted text: During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Units 40 270 220 Unit Cost $68 71 76 Total Cost $2,720 19,170 16,720 Date Transaction Beginning inventory Purchase Jan. 1 May. 5 Nov. 3 Purchase 530 $38,610 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 Goods Available for Sale 2.720 Cost of Goods Sold Ending Inventory # of units Cost per unit # of units Cost per unit #of units Cost per unit Beginning Inventory 40 68 40 $4 68 2.720 Purchases: May 5 270 $ 71 19,170 270 71 19.170 Nov. 3 220 76 16,720 220 76 16,720 Total 530 38,610 530 38.610 $4 %24 %24 %24 9. %24