Question: You are tasked with analyzing the inventory valuation methods for ABC Company. Utilize the following data: Date Description Quantity Unit Cost ($) Jan 1 Beginning

  • ​You are tasked with analyzing the inventory valuation methods for ABC Company. Utilize the following data:

    DateDescriptionQuantityUnit Cost ($)
    Jan 1Beginning Inventory200$15
    Jan 10Purchase300$20
    Jan 20Sale(250)
    Jan 31Ending Inventory

    Requirements:

    • Calculate the cost of goods sold using the weighted average method.
    • Determine the ending inventory value using the FIFO and LIFO methods.
    • Present the calculations in detailed tables.
    • Discuss the impact of each valuation method on profitability and financial statements.

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