Inventory Valuation - Target Corporation

Target Corporation is a retail giant. For the fiscal year ended January 31, 2023, they reported the following inventory data:

• Beginning inventory: $40,000 million
• Purchases during the year: $80,000 million
• Sales during the year: $120,000 million
• Ending inventory consists of 1,200,000 units

Calculate the value of ending inventory using the following methods for Target 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.