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: $60,000 million
• Purchases during the year: $120,000 million
• Sales during the year: $180,000 million
• Ending inventory consists of 1,800,000 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.