The following information applies to the questions displayed below.] Trends by Taisha sells high-end leather purses. The company has the following inventory transactions for the year.

Date	Transactions	Units	Unit Cost	Total Cost
January 1	Beginning inventory	16	$460	$7,360
April 9	Purchase	26	480	12,480
October 4	Purchase	11	510	5,610
		53		$25,450
January 1 to December 31	Sales	48

Required:

1. Using FIFO, calculate ending inventory and cost of goods sold.

Ending inventory
Cost of goods sold