Inventory Valuation - Target Corporation

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

• Beginning inventory: $35,700 million
• Purchases during the year: $125,600 million
• Sales during the year: $275,800 million
• Ending inventory consists of 110,000 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.