Data for the fiscal year ended December 31, 2023:

Item	Amount
Beginning Inventory	1,000,000 units at $1.50 per unit
Purchases (April 1)	1,500,000 units at $1.75 per unit
Purchases (October 1)	2,000,000 units at $2.00 per unit
Sales	3,000,000 units sold
Ending Inventory	1,500,000 units

1. Calculate the cost of goods sold (COGS) using the FIFO method for Coca-Cola Company.
2. Determine the value of ending inventory using the FIFO method.
3. Discuss how FIFO influences Coca-Cola Company’s income statement for the fiscal year.
4. Analyze the impact of FIFO on Coca-Cola Company’s liquidity and working capital management.
5. Evaluate the strategic advantages of FIFO in managing Coca-Cola Company’s global supply chain.
6. Explain the Materiality Principle and how it applies to Coca-Cola’s inventory valuation.