Required information [The following information applies to the questions displayed below.] Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date January 1 Transactions Beginning inventory April 14 August 22 October 291 Purchase Purchase Purchase January 1 to December 31 Sales ($45 each) Unita 40 Unit Cost Total Cost $25 $1,000 65 27 1,755 115 29 3,335 80 31 2,480 300 275 $8,570 Luther uses a periodic inventory system and believes there are 25 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 15 birds in ending inventory. Luther is not aware of the lost canaries. Required: 1. What amount will Luther calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 25 canaries remain in ending inventory? Ending inventory Cost of goods sold