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The Indiana Hospital uses pharmaceuticals for their patients. They started the year on January 1, with an inventory of 1,000 doses of an antibiotic drug that cost $17 per dose. On January 2 they purchased another 300 doses for $21 each. From January 3 through June 30 they used 800 doses. On July 1 they bought 500 more doses at $23 each. From July 2 through the end of the year they used 400 doses. What is the inventory value at the end of the year, assuming FIFO? What is the value assuming LIFO?
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Answers should consist of several well thought out sentences which fully utilize the theories and concepts presented in textbooks and the lectures in addition to outside sources if you select to use outside sources.
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