CriteriaTotal1.5%LIFO CalculationFIFO Calculation1.5%1.5%Average Cost CalculationInventory Question.5%Total5%You work for Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patientsand nurses in different healthcare environments using GPS technology. designed for individuals who wishto monitor others' whereabouts. There has been an increase in demand for the product has spiked duringthe current fiscal period, while supply is limited, causing the selling price to escalate rapidly. Note: Forsimplicity of demonstration, beginning inventory cost is assumed to be $21 per unit for all costassumption methods.The following is a chart of the inventory purchases in the last yearNumber of Units Unit Cost Sales Price150$21Beginning Inventory Jul. 1Sold Jul. 5120$3622527Purchased Jul. 10Sold Jul. 1518039Purchased Jul. 2521033Ending Inventory Jul. 31285Assume that 300 units were sold in the fiscal year. Calculate the Cost of Goods Sold for the fiscal yearfor Global Tracking Inc. under the LIFO, FIFO and Average Cost inventory valuation methods. If thecompany wants to have a higher balance in the Inventory Account on the Balance Sheet which methodshould it use?

Name: CriteriaTotal1.5%LIFO CalculationFIFO Calculation1.5%1.5%Average Cost
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: CriteriaTotal1.5%LIFO CalculationFIFO Calculation1.5%1.5%Average Cost CalculationInventory Question.5%Total5%You work for Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patientsand nurses in different healthcare