A company had the following purchases and sales during the month of November. Date November 1 November 2 November 6 November 8 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 5 units @ $22 $110 10 units@ $24 = $240 6 units@ $27 = $162 Units Sold at Reta: 8 units@ $58 Using the LIFO perpetual Inventory method, what was the value of the Inventory on November 8 after the sale?

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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.