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At the end of the year, Lawrence's inventory consisted of 16,000 boxes of candy. a. Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method. EndinginventoryCostofgoodssoldXX Feedback 7 Check My Work Beginning inventory Add: Purchases Equals: Costs of goods available for sale Less: Ending inventory. Equals: Cost of goods sold inventory on hand consists of the earliest purchases