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	2,200	$ 50
Transactions during the year:
a. Purchase, January 30	2,900	62
b. Sale, March 14 ($100 each)	(1,530)
c. Purchase, May 1	1,280	80
d. Sale, August 31 ($100 each)	(2,300)

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.