The company reported the following inventory data for the year:

Sales occurred as follows:
Units Sold
January 16 .......................................................................... 200
July 23 .............................................................................. 600
November 1 ........................................................................1,300
Total .................................................................................2,100
Compute (1) cost of goods sold and (2) ending inventory making a LIFO cost flow assumption.
The company uses a perpetual inventory system.

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Cost per Units Unit $17.50 18.00 Beginning inventory Purchases: 300 July 15 October 11 900 1,200 18.25 Units remaining at year-end: 300