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

Item	Units	Unit Cost ($)
Beginning Inventory	1,000 units	$50
Purchase 1	2,000 units	$55
Purchase 2	3,000 units	$60
Ending Inventory	2,500 units	-

Requirements:

Calculate the cost of goods sold (COGS) for the period using the specific identification method.

Calculate the value of ending inventory.

Analyze how using specific identification affects the financial statements compared to other inventory valuation methods.