Wright Company had the following information for the year ending December 31: 
 
 
Units
Unit Cost
Beginning inventory
240
$
45
Purchase:
April 6
290
43
Sale:
May 4
500
 
Purchase:
July 19
470
41
Sale:
September 9
300
 
Purchase:
October 10
200
37
 
 
 
 
 
Wright uses the perpetual inventory system and the FIFO method.
 
Required:
Using FIFO
 
(a)
 Compute the cost of ending inventory.
(b)
 Compute the cost of goods sold for the year.