During the year, Wright Company sells 470 remote-control airplanes $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 |
582 |
$4,920 |
| May. 5 |
Purchase |
250 |
85 |
21,250 |
| Nov. 3 |
Purchase |
200 |
90 |
18,000 |
Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO.