1. A clothing retailer, "FashionTrend Boutique," employs the LIFO (Last-In, First-Out) method for inventory valuation. During the month of July, the store experiences the following transactions:
   • Beginning inventory: 500 units at $20 per unit
   • Purchases:
     • 300 units at $25 per unit
     • 400 units at $30 per unit
   • Sales: 700 units

Compute the cost of goods sold and ending inventory for July using the LIFO method.