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  Evaluating inventory valuation methods, consider the following data:

  Date	Description	Quantity	Unit Cost ($)
  01/01/XX	Beginning Inventory	100	10
  15/01/XX	Purchase	200	12
  25/01/XX	Sale	150
  31/01/XX	Ending Inventory

  Your requirements are as follows:

  • Calculate the cost of goods sold using the FIFO method.
  • Determine the ending inventory value using the LIFO method.
  • Present the calculations in a table.
  • Provide a paragraph explaining the implications of each valuation method.
  • Discuss the impact of inventory valuation on financial statements.
  • Include a bullet list of recommendations regarding inventory management.