CALCULATING THE COST OF INVENTORY SPACE GOAL Accurately calculating inventory values and costs are paramount to effectively managing inventory. To confirm your understanding, you will calculate FIFO, LIFO, the weighted average, and the gross profit inventory valuation methods. INSTRUCTIONS XYZ Corporation purchased the following widgets throughout the year: Number of widgets Purchase price Purchase date 75 widgets $10/unit beginning inventory 125 widgets $8/unit April 18th 60 widgets $5/unit August 5th 80 widgets $3/unit November 30th Total They sold 325 widgets this year, with $500,000 in sales. Projected sales are $700,000 for the following year. Calculate using the FIFO, LIFO, weighted average, and gross profit inventory valuation methods. Compare and contra each valuation method based on your calculations. SPACE GOAL Accurately calculating inventory values and costs are paramount to effectively managing inventory. To confirm your understanding, you will calculate FIFO, LIFO, the weighted average, and the gross profit inventory valuation methods. INSTRUCTIONS XYZ Corporation purchased the following widgets throughout the year: Number of widgets Purchase price 75 widgets $10/unit Purchase date beginning inventory 125 widgets $8/unit April 18th 60 widgets $5/unit August 5th $3/unit November 30th Total 80 widgets They sold 325 widgets this year, with $500,000 in sales. Projected sales are $700,000 for the following year. Calculate using the FIFO, LIFO, weighted average, and gross profit inventory valuation methods. Compare and contrast coalculations