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

Item	Units	Unit Cost ($)
Beginning Inventory	1,000 units	$10
Purchase 1	3,000 units	$12
Purchase 2	2,000 units	$14
Ending Inventory	2,500 units	-

Requirements:

Calculate the cost of goods sold (COGS) for the period.

Calculate the value of ending inventory.

Discuss the advantages and disadvantages of using the FIFO method for inventory valuation.