Company ABC is a retail business specializing in electronics. They use the FIFO method for inventory valuation. During the fiscal year ending December 31, 2022, the company experienced several complex inventory transactions. You are tasked with calculating the cost of goods sold (COGS) and the ending inventory value for financial reporting purposes.

At the beginning of the year on January 1, 2022, Company ABC had 500 units of a particular smartphone model in its inventory. The cost per unit was $400.

During the year, the company made the following purchases of the same smartphone model:

• March 1, 2022: Purchased 1,000 units at $420 per unit.
• June 1, 2022: Purchased 800 units at $430 per unit.
• September 1, 2022: Purchased 600 units at $440 per unit.

The company experienced several sales transactions throughout the year, as follows:

• January 15, 2022: Sold 100 units at a selling price of $600 per unit.
• February 20, 2022: Sold 200 units at a selling price of $620 per unit.
• May 10, 2022: Sold 300 units at a selling price of $630 per unit.
• July 5, 2022: Sold 250 units at a selling price of $640 per unit.
• October 20, 2022: Sold 350 units at a selling price of $650 per unit.

Calculate the following:

a. The total cost of goods sold (COGS) for the year.

b. The ending inventory value as of December 31, 2022.