Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December $31.$

Transactions Units Unit Cost

Beginning inventory, January $12,000$ $ $50$

Transactions during the year:

a$.$ Purchase, January $302,70062$

b$.$ Sale, March $14($$$100$ each$)(1,490)$

c$.$ Purchase, May $11,24080$

d$.$ Sale, August $31($$$100$ each$)(2,100)$

Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale.