Franco Company's inventory records showed the following transactions for the fiscal period ended June 30: Cost per Date Description Units Unit/ Sales June Inventory 700 $5.50 1 June Purchase 400 $6.40 June Sale 450 $12.00 15 June Purchase 650 $6.70 22 June Sale 500 $12.50 30 Required: Compute the ending inventory and the cost of goods sold under the LIFO cost flow assumption assuming a perpetual inventory system.