A company reports the following beginning inventory and two purchases for the month of January. On January 26, company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date sume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assign LIFO method. anuary 1 anuary 9 tal January 9 anuary 25 tal January 25 anuary 26 otal January 26 Goods purchased # of units Units 320 80 100 Unit Cost $ 4.50 4.70 4.84 Cost per # of units sold unit Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit Balance

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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.