ABC Corporation has an inventory of 5,000 units of a product as at the end of 2022. The product has a cost of $10 per unit. During 2023, the company purchased 20,000 units at a cost of $12 per unit. Sales during the year were 18,000 units at $20 per unit. ABC Corporation uses the periodic inventory system.

a) Calculate the cost of goods sold for 2023.

b) Calculate the ending inventory as at December 31, 2023.

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