Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory on its 2017 balance sheet using a LIFO inventory costing method.

Assume Wellman Ltd. reports the following initial balance and subsequent purchase of inventory:

Beginning Inventory, 2017	1,000 units @ $150 each	$150,000
Inventory purchased in 2017	2,000 units @ $225 each	$450,000
Cost of goods available for sale in 2017	3,000 units	$600,000