Inventory Valuation - Costco Wholesale Corporation Costco Wholesale Corporation operates a chain of membership-only warehouse clubs. For
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Inventory Valuation - Costco Wholesale Corporation
Costco Wholesale Corporation operates a chain of membership-only warehouse clubs. For the fiscal year ended August 31, 2023, they reported the following inventory data:
- Beginning inventory: $16,800 million
- Purchases during the year: $95,200 million
- Sales during the year: $185,700 million
- Ending inventory consists of 50,000 units
Calculate the value of ending inventory using the following methods for Costco Wholesale Corporation:
a) First-In-First-Out (FIFO) b) Last-In-First-Out (LIFO) c) Weighted Average
Assume that the cost of each unit of inventory remained constant throughout the year.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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