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A company has $10,000 of inventory on hand at the beginning of the year. During the year, it purchased $50,000 of additional inventory and sold

A company has $10,000 of inventory on hand at the beginning of the year. During the year, it purchased $50,000 of additional inventory and sold $55,000 of inventory. The company uses the first-in, first-out (FIFO) inventory costing method. What is the cost of goods sold and the ending inventory value at the end of the year?

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