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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 in the following month relative to current units on hand.

Assume a Periodic inventory system.

Required:

Using the LIFO assumption, calculate:

(a) cost of goods sold, and

(b) the cost of ending inventory.

(Hint: this calculation is made easier by re-sorting monthly purchases and using the Running Sum columns)

Rounded to nearest dollar. [Format: $xxx,xxx. For example, $1,234; $12,345; $1,234,567]