• Determine the ending inventory value for The Coca-Cola Company using the LIFO method.
• Use the following data:
  • Beginning Inventory: 150 units at $12 each
  • Purchases:
    • 250 units at $14 each
    • 350 units at $16 each
  • Units Sold: 500 units

Question:

Using the given data, calculate the ending inventory value for The Coca-Cola Company using the LIFO method. Show your calculations and explain the impact of using the LIFO method on the cost of goods sold and net income.