during the year, wright company sells 520 remote-control airplanes for $120 each. the company has the following inventory purchase transactions for the year. date transactionnumber of unitsunit costtotal cost jan. 1 beginning inventory40 $62 $2,480 may 5 purchase300 65 19,500 nov. 3 purchase250 70 17,500 590 $39,480 calculate ending inventory and cost of goods sold for the year, assuming the company uses fifo.