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Wells Fargo & Company has 7,000 units of a certain product in inventory. The cost per unit under FIFO is $35, and under LIFO is

Wells Fargo & Company has 7,000 units of a certain product in inventory. The cost per unit under FIFO is $35, and under LIFO is $30. Calculate the difference in the cost of goods sold (COGS) and ending inventory value between FIFO and LIFO methods.

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