Question: Determine the ending inventory value for The Coca-Cola Company using the LIFO method. Use the following data: Beginning Inventory: 150 units at $12 each Purchases:

  • Determine the ending inventory value for The Coca-Cola Company using the LIFO method.
  • Use the following data:
    • Beginning Inventory: 150 units at $12 each
    • Purchases:
      • 250 units at $14 each
      • 350 units at $16 each
    • Units Sold: 500 units

Question:

Using the given data, calculate the ending inventory value for The Coca-Cola Company using the LIFO method. Show your calculations and explain the impact of using the LIFO method on the cost of goods sold and net income.

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