Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.

UnitsCost/UnitTotal Cost

Inventory, Dec. 1 300 250 $75,000

Purchases, Dec. 8 600 275165,000

900 $240,000

Using the FIFO method, calculate Jessie's inventory on December 31 and its cost of goods sold for December.

Ending inventory=

Cost of goods sold=