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

Inventory Details	Units Purchased	Cost per Unit ($)	Sales Volume
Beginning Inventory	1,000 units	$50	-
Purchase 1	2,000 units	$60	2,500 units
Purchase 2	3,000 units	$65	-

Requirements:

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

Determine the value of ending inventory.

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