Calculate cost of goods sold (COGS) and ending inventory using the LIFO method.

Item	Amount
Beginning inventory	5,000 units
Beginning inventory cost	$10/unit
Purchases during period	8,000 units
Purchase cost	$12/unit
Ending inventory	3,000 units

Requirements:

Calculate the cost of goods sold (COGS) using the LIFO method.

Calculate the value of ending inventory using the LIFO method.

Discuss the implications of using LIFO for inventory valuation.