Using the following information, calculate Ending Inventory and Cost of Goods Sold using the LIFO method:

Date: Transaction: Units: Unit Cost: Total Cost:

January 1 Beginning Inventory 400 $ 20 $ 8,000

April 3 Purchase 200 $ 30 $ 6,000

August 4 Purchase 300 $ 50 $15,000

December 14 Purchase 100 $100 $10,000

Totals 1,000 $39,000

During the year, 525 units were sold and 475 units are on hand at December 31.