A company made the following merchandise purchases and sales during the month of August:

2-Aug	purchased 500	units @	$35 each
4-Aug	purchased 350	units @	$40 each
15-Aug	sold 450	units @	$100 each
19-Aug	purchased 400	units @	$45 each
25-Aug	sold 500	units @	$100 each
29-Aug	purchased 250	units @	$50 each

There was no beginning inventory. If the company uses the first-in, first-out (FIFO) method and the perpetual system, what would be the cost of the ending inventory and the total cost of goods sold?

Date	Goods Purchased	Cost of Goods Sold	Inventory Balance

Total Cost of Goods Sold: ___________

Ending Inventory Balance: __________