W4.The FOX Corporation sells a single product. FOX uses the LIFO method and a periodic inventory system. The following is information on inventory, purchase, and sales for 2016: Sale Price Number of Units Unit Cost January 1, 2016Inventory January 10, 2016 January 1-March 31 April 25, 2016 April 1-June 30 July 10, 2016 July 1-September 30 October 15, 2016 October 1-December 31 Purchase Purchase Purchase 10,000 $3.00 4,000 $3.50 8,000 10,000 $4.00 11,000 6,000 $4.50 3,000 8,000 $5.00 9,000 $5.00 $5.50 $6.00 $6.50 Sales Sales Sales Purchase Sales At the end of 2016, 7,000 units were in its inventory. Compute the COGS expense reported in 2016