3. Assume the following transactions: 1) purchase of 5000 units at $2 each, 2) purchase of 8000 units at $3 each, 3) sale of 2500 units at $5 each, 4) sale of 3000 units at $5.5 each. Calculate the goods available for sale.

$34,000

$5,000

$10,000

$17,500

4. Company X uses FIFO for internal purposes, but LIFO for external reporting purposes. At the beginning of the year, the LIFO reserve was $20,000. At the end of the year, the LIFO reserve was $23,000. The end of year LIFO inventory balance for external reporting purposes was $40,000. What was the end of year FIFO inventory balance?

$43,000

$3,000

$60,000

$63,000