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Ford Motor Company uses the FIFO method for inventory valuation. The following information is available for Product X: Description Units Unit Cost ($) Beginning Inventory
Ford Motor Company uses the FIFO method for inventory valuation. The following information is available for Product X:
Description | Units | Unit Cost ($) |
Beginning Inventory | 5,000 | $20 |
Purchases | 10,000 | $25 |
Purchases | 8,000 | $30 |
Sales | -15,000 | - |
Calculate the cost of goods sold, ending inventory value, and gross profit using FIFO.
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