1. Nike uses different inventory valuation methods: FIFO and LIFO. Beginning inventory 5,000 units at $10/unit, purchases: 10,000 units at $12/unit, 8,000 units at $14/unit, ending inventory 12,000 units.
   • Requirements:
     • Calculate the cost of goods sold (COGS) using FIFO and LIFO.
     • Determine the value of ending inventory using FIFO and LIFO.
     • Analyze the impact of each method on COGS and profitability.
     • Recommend the most suitable method for Nike's inventory valuation.