ABC Manufacturing Co. is preparing its year-end financial statements and needs to calculate its ending inventory value using the LIFO (Last-In, First-Out) method. The company had an opening inventory of 1,000 units at $50 each. During the year, they made the following purchases: • March 15: 1,500 units at $55 each ⚫ June 30: 2,000 units at $58 each • September 20: 1,800 units at $60 each ⚫ December 10: 1,200 units at $62 each • The company sold 5,100 units during the year. Calculate the value of the ending inventory and the cost of goods sold using the LIFO method. Additionally, determine the impact on net income if the company had used the FIFO (First-In, First-Out) method instead. Global Tech Co. is a U.S.-based multinational corporation with a subsidiary in Japan. On January 1, 2023, Global Tech Co. lent ¥500,000,000 to its Japanese subsidiary, due in 3 years. The exchange rates are as follows: January 1, 2023: $1 = ¥130 December 31, 2023: $1¥140 December 31, 2024: $1 = ¥135 Global Tech Co. uses the U.S. Dollar as its functional and reporting currency. The Japanese subsidiary uses the Yen as its functional currency. Calculate the value of the loan on Global Tech Co.'s consolidated balance sheet at the end of 2023 and 2024. Determine the foreign currency transaction gain or loss for each year and explain how it would be reported in the consolidated financial statements. How would the accounting treatment differ if the loan was designated as a net investment in the foreign operation?