A company just starting business made the following four inventory purchases in June: June 1 150 units @ $ 5 =$ 750 June 10 200 units @ $ 6 =$1,200 June 15 200 units @ $ 6.30 =$1,260 June 28 150 units @ $ 6.60 =$ 990 for a total of $4,200. On June 20, the company sold 500 units. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand and 500 units sold. Using the perpetual LIFO inventory method, the value of the ending inventory on June 30 is: Question 17 options: $1,000. $1,320. $1,240. $4,200.   please answer do not image

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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.