Scenario 23: Inventory Valuation - The Home Depot, Inc.

The Home Depot, Inc. is a home improvement retailer. For the fiscal year ended January 30, 2023, they reported the following inventory data:

• Beginning inventory: $14,800 million
• Purchases during the year: $45,200 million
• Sales during the year: $88,900 million
• Ending inventory consists of 60,000 units

Calculate the value of ending inventory using the following methods for The Home Depot, 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.