ABC Inc. has an inventory of 100 units at a cost of $50 per unit. On January 1, 2023, the company purchases an additional 200 units at $60 per unit. On January 15, 2023, the company sells 250 units for $100 each. Assuming ABC Inc. uses the FIFO method for inventory accounting, what is the cost of goods sold and the ending inventory on January 31, 2023?

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