During the year, Wright Company sells 330 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year.
Date Transaction Number
of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 60 $73 $ 4,380
May 5 Purchase 205 76 15,580
Nov. 3 Purchase 110 81 8,910
375 $ 28,870
Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory, 185 units of inventory from the May 5 purchase, and 85 units from the November 3 purchase.
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