POSSIBLE POINTS: $10$

$xYZ$ Inc. is a manufacturing company that produces widgets. At the end of the fiscal year, XYZ Inc. has an inventory of $1,000$ widgets. The company uses the FIFO inventory costing method. The cost of the first $600$ widgets was $$10$ per unit, and the cost of the remaining $400$ widgets was $$12$ per unit. The market value of the inventory is $$12,000.$

What is the value of the inventory using the FIFO method?

II$.$ How would the value of the inventory differ if XYZ Inc. used the LIFO method?

III. Discuss the impact of inventory valuation on financial statements.

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