ABC Hardware Store had inventory 48,000 SR (1,200 units at 40 SR per unit)

On April 1, ABC purchased 2,000 units from Blaze Co., a supplier, for 60 SR per unit with a settlement discount of 5% if it paid the price within 10 days from the date of purchase.

On July 15, ABC purchased 2,800 units from Mohammed Co., a supplier, for 68 SR per unit with a settlement discount of 5% if it paid the price within 10 days from the date of purchase.

On August 1, ABC sold 2,400 units to Star Co. at a price of 120 SR per unit with a settlement discount of 4% if the price is received within 10 days from the date of sale. (The company is not expecting the customer to take the advantage of the discount).

On April 6, ABC paid the full amount due to Blaze Co.

On August 15, ABC paid the full amount due to Mohammed Co.,

On October 1, ABC sold 400 units at 112 SR per unit to Noor Co. that paid the price in full at the time of the transaction.

Calculate the ending inventory and COGS as per FIFO method