(A) Using the FIFO assumption, calculate the amount charged to cost of goods sold, the value of the ending inventory and the gross profit for May. Show all computations.  (B) Using the weighted-average method, calculate the amount assigned to the inventory on hand on May 31, and the gross profit for May. Show all computations.

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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.