The Holliday Company began 2019 with inventory of 10,000 units at a cost of $7 per unit. During 2019, 50,000 units were purchased for $8.50 each. Sales for the year totaled 54,000 units, leaving 6,000 units on hand at the end of 2019. Holliday uses a periodic inventory system and the LIFO inventory cost method. Required: Calculate cost of goods sold for 2019. (Show your calculations)