Use the following information: Net sales Cost of goods sold Beginning inventory Ending inventory $250,000 180,000 55,000 45,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) o During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following Inventory purchase transactions for the year. Date Jan. 1 May. 5 Nov. 3 Transaction Beginning inventory Purchase Parehase Number of Unit Units Cost $ 82 250 85 200 90 Total Cost $ 6,920 21,250 18.000 $44.170 . . Calculate ending inventory and cost of goods sold for the year, assuming the company uses specific identification. Actual sales by the company include its entire beginning inventory 230 units of Inventory from the May 5 purchase, and 180 units from the November 3 purchase. fo Date Activity Units Sold Unit Cost Unit Cost Ending Invente Beginning inventory May 5 sos 250 200 510 Cost of Goods Sold Ending Inventory Units 49201 21,250 250 18,000S 44,170 250 Purchase Purchase Total Nov. 3