ABC Ltd. is a manufacturing company that produces widgets. The company purchased raw materials on credit for $50,000 during the current year. In addition, the company incurred direct labor costs of $80,000 and indirect labor costs of $20,000 during the year. The company also incurred manufacturing overhead costs of $30,000. During the year, the company produced 10,000 widgets, of which 8,000 were sold. The company uses the absorption costing method to determine the cost of goods sold. Calculate the cost of goods sold and the ending inventory for the year.