Question: Student I is analyzing inventory valuation methods for Company Theta. Given the following inventory transactions during the year: Beginning Inventory: $20,000 Purchases: $50,000 Sales Revenue:

Student I is analyzing inventory valuation methods for Company Theta. Given the following inventory transactions during the year:

  • Beginning Inventory: $20,000
  • Purchases: $50,000
  • Sales Revenue: $80,000
  • Ending Inventory: $15,000 Evaluate the cost of goods sold and ending inventory under the FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) inventory valuation methods.

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