On January 1, a company begins the year with 4,000 units of inventory with a unit cost of $25. The company makes purchases at the end of each month based on expected units to be sold in the following month relative to current units on hand.

Using the FIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: This calculation is made easier by using the Running Sum columns in Monthly Purchases)

12/31: Cumulative Units Actually Sold: 40,712

12/31: Units on hand On hand: 4,048

Cumulative Sales Revenue

12/31: $1,451,605

Monthly Purchases \begin{tabular}{|lrrrr|} \hline Dayof Date & Units & Unit Cost & Total Cost & Running Sum of Units \\ \hline January 1 & 4,000 & $25.00 & $100,000 & 4,000 \\ \hline January 31 & 2,800 & $25.05 & $70,140 & 5,800 \\ \hline February 28 & 3,100 & $25.15 & $77,965 & 9,900 \\ \hline March 31 & 3,000 & $25.25 & $75,750 & 12,900 \\ \hline April 30 & 2,800 & $25.30 & $70,840 & 15,700 \\ \hline May 31 & 4,200 & $25.40 & $105,600 & 19,900 \\ \hline June 30 & 4,340 & $25.60 & $111,104 & 24,240 \\ \hline July 31 & 3,720 & $25.75 & $95,790 & 27,960 \\ \hline Augugt 31 & 3,300 & $25.80 & $55,140 & 31,250 \\ \hline 5eptember 30 & 3,000 & $25,85 & $77,550 & 34,250 \\ \hline Octaber 31 & 3,100 & $25.85 & $80,135 & 37,350 \\ \hline November 30 & 4,400 & $25.90 & $113,960 & 41,760 \\ \hline December 31 & 3,000 & $25.00 & $78,000 & 44,760 \\ \hline \end{tabular} Using the FIFO assumption, calculate cost of goods sold and the cost of ending inventory. (Hint: This calculation is made easier by using the Running Sum columns in Monthly Purchases) Note: Round your answers to the nearest whole dollar. Sort Monthly Purchases By: First in Last in