Samuel's Manufacturing (SM) began October with merchandise inventory of 60 chairs that cost a total of $43,500. During the month, SM purchased and sold merchandise on account as follows:

Oct 7

Purchase

30 chairs @ $750 each

14

Sale

40 chairs @ 1,200 each

18

Purchase

50 chairs @ $775 each

27

Sale

45 chairs @ $1,200 each

Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold (COGS), and ending merchandise inventory.