Scenario 13: Inventory Valuation - Nike, Inc.

Nike, Inc. is a global sports apparel and equipment manufacturer. For the fiscal year ended May 31, 2023, they reported the following inventory data:

• Beginning inventory: $5,200 million
• Purchases during the year: $12,500 million
• Sales during the year: $18,700 million
• Ending inventory consists of 25,000 units

Calculate the value of ending inventory using the following methods for Nike, Inc.:

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.