LMN Ltd. uses the FIFO method for inventory valuation. For the fiscal year ended December 31, 2023, the following data is available:

• Beginning Inventory: 1,500 units at $18 per unit
• Purchases:
  • April 1: 2,500 units at $20 per unit
  • September 1: 2,000 units at $22 per unit

• Sales:
  • 4,000 units sold during the year

• Ending Inventory: 2,000 units

a. Calculate the cost of goods sold (COGS) using the FIFO method. b. Determine the value of ending inventory using the FIFO method. c. Analyze how the use of FIFO impacts LMN Ltd.’s inventory turnover ratio and return on assets (ROA). d. Discuss the implications of FIFO on LMN Ltd.’s financial ratios compared to using LIFO.