XYZ Company began operations on January 1, 2023, and purchased inventory on account for $50,000. On January 15, 2023, the company paid $10,000 of the accounts payable. On January 25, 2023, the company sold $30,000 of inventory for $50,000 cash. The company uses the perpetual inventory system and LIFO cost flow assumption. What is the cost of goods sold for the sale on January 25, 2023, and what is the balance of inventory as of January 31, 2023?

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