Question: Procter & Gamble Co. uses the LIFO method to value its inventory. Beginning inventory consists of 2,000 units at $20 each. During the period, 5,000

Procter & Gamble Co. uses the LIFO method to value its inventory. Beginning inventory consists of 2,000 units at $20 each. During the period, 5,000 units are purchased at $25 each, and 3,000 units are sold. Calculate the cost of goods sold and ending inventory under LIFO.

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