The following data are available for one of the products sold by Paschal Exports, which uses a perpetual inventory system.

July 1 Beginning inventory, 1,000 units at $2 each

5 Purchased 2,000 units at $2.75 each

10 Sold 2,500 units for $16 each

15 Purchased 2,000 units at $4 each

25 Sold 1,000 units for $12 each

Required: If the FIFO method of inventory costing is used, determine the Cost of goods sold for July and the ending inventory for July. Make sure you show your calculations.