Le Boulangerie Franaise uses the FIFO (First-In-First-Out) method for inventory valuation. The following data is available for the month of January: Beginning Inventory: 500 units

Le Boulangerie Française uses the FIFO (First-In-First-Out) method for inventory valuation. The following data is available for the month of January:

• Beginning Inventory: 500 units at €5 each
• Purchases:
  • January 5: 800 units at €6 each
  • January 15: 600 units at €7 each
• Sales:
  • January 10: Sold 700 units
  • January 25: Sold 800 units

Calculate the cost of goods sold (COGS) and ending inventory value using the FIFO method.