$($P$01)$

ABC Corp. began the year with $1,000$ units of inventory costing $$10$ each. During the year, the company made the following purchases:

$500$ units at $$12$ each in March

$800$ units at $$14$ each in July

$700$ units at $$15$ each in October

The company sold $2,000$ units during the year. Calculate the cost of goods sold $($COGS$)$ and the ending inventory value using both FIFO $($First$-$In$,$ First$-$Out$)$ and LIFO $($Last$-$In$,$ First$-$Out$)$ methods. Explain how the choice of inventory valuation method affects the company$$s financial statements, particularly during periods of rising prices.