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 1			1,400		$	50
Transactions during the year:
a.	Purchase, January 30		2,100			62
b.	Sale, March 14 ($100 each)		(1,370	)
c.	Purchase, May 1		1,120			80
d.	Sale, August 31 ($100 each)		(1,500	)

1. 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.