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Exxon Mobil Corporation has 15,000 units of a certain product in inventory. The cost per unit under FIFO is $40, and under LIFO is $35.

Exxon Mobil Corporation has 15,000 units of a certain product in inventory. The cost per unit under FIFO is $40, and under LIFO is $35. Calculate the difference in the cost of goods sold (COGS) and ending inventory value between FIFO and LIFO methods.

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