ABC Ltd. is a retailer that sells electronic goods. The company has provided you with the following information for the year 2022:

Sales revenue: $1,000,000
Beginning inventory: $200,000
Purchases: $700,000
Ending inventory: $100,000
Gross profit: 50% of sales revenue
The company uses the periodic inventory system and LIFO (last-in, first-out) inventory costing method. Calculate the following:

a) Cost of goods sold for the year 2022.
b) Ending inventory value as per the LIFO inventory costing method.