A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 100 units 150 units 150 units. 100 units $350 $730. O $1260. O $1120. O $870. 570 600 470 $1990 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

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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.