6) Lumber Yard Distribution Limited (LYDL) purchases inventory items for resale. At the beginning of 2018, LYDL had no inventory on hand. During 2018, LYDL had the following transactions: Inventory Purchases First quarter -2,000 units at $40 per unit Second quarter 1,500 units at $41 per unit Third quarter 2,200 units at $43 per unit Fourth quarter 1,900 units at $45 per unit Total 7,600 units at a total cost of $321,600. LYDL sold 5,600 units of inventory during the year at $50 per unit, and received cash. LYDL determines that there were 2,000 remaining units of inventory and specifically identifies that 1,900 were those purchased in the fourth quarter and 100 were purchased in the third quarter. What are the revenue and expense associated with these transactions during 2018 based on specific identification of inventory items as sold or remaining in inventory? (Assume that the company does not expect any products to be returned.)