51 Required information [The following information applies to the questions displayed below] George's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. George's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Units 16 11 10 12 10 A Unit Cost $270 260 250 240 3. Using LIFO, calculate ending inventory and cost of goods sold at June 30. Ending inventory Cost of goods sold Total Cost $4,320 2,500 1,920 $11,340

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.