XYZ Company sells widgets and uses the LIFO inventory valuation method. At the beginning of the year, XYZ had 1,000 widgets in inventory with a cost of $10 each. During the year, the company made the following inventory purchases:

• January 1: Purchased 2,000 widgets at $12 each.
• April 1: Purchased 1,500 widgets at $14 each.
• September 1: Purchased 2,500 widgets at $16 each.

During the year, XYZ sold 5,000 widgets for $20 each.

Calculate the cost of goods sold (COGS) and ending inventory using the LIFO method at the end of the year.