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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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