Suppose that Company X uses the FIFO method instead of the LIFO method shown in Figure 12-1. The company starts the year with 25,000 units in beginning inventory at a cost of $735 per unit according to the FIFO method. During the year, it manufactures 120,000 units and sells 110,000 units (see Figure 12-1). Determine Company X’s cost of goods sold expense for the year and its cost of ending inventory using the FIFO method.