A company had the following inventory activity during November: Beginning inventory Purchase: November 3 Sale: November 5 Purchase: November 15 Sale: Units Unit Cost Total Cost Unit Price 126 O $21546 O $15246 O $20412 O $20538 1134 (1134) 1260 November 28 (1134) $20 $21 $21 $2520 23814 26460 $30 $30 4 If the company uses a perpetual system and the FIFO cost formula, what is the gross margin for the month?

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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.