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During the year, Wright Company sells 480 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year.
Date Transaction Number of Units Unit Cost Total Cost
Jaan. 1 Beginning inventory 50 $70 $3,500
May. 5 Purchase 260 73 18,980
Nov. 3 Purchase 210 78 16,380
520 $38,860
Question 1: Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.
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