Photolab uses the LIFO method to report its inventory. Inventory at January 1, 2021 consisted of 60,000 units which were purchased at $5 each for a total of $300,000. During 2021 150,000 units were purchased at $6 each, and another 180,000 units were purchased at $7 each. 315,000 units were sold during 2021. Calculated the ending inventory balance and cost of goods sold assuming Photolab uses a periodic inventory system. 12pt v Paragraph B