During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year.   Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 40 $71 $2,840 May 5 Purchase 255 74 18,870 November 3 Purchase 205 79 16,195     500   $37,905   Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.

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