Scenario 27: Inventory Valuation - Costco Wholesale Corporation Costco Wholesale Corporation operates a chain of membership-only warehouse
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Question:
Scenario 27: Inventory Valuation - Costco Wholesale Corporation
Costco Wholesale Corporation operates a chain of membership-only warehouse clubs. For the fiscal year ended August 31, 2023, they reported the following inventory data:
- Beginning inventory: $16,500 million
- Purchases during the year: $90,300 million
- Sales during the year: $195,800 million
- Ending inventory consists of 35,000 units
Calculate the value of ending inventory using the following methods for Costco Wholesale 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.
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