AA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory 300 units @ 20 $ 6,000 Purchase on January 25 400 units @ 21 8,400 Purchase on March 15 300 units @ 22 6,600 Purchase on October 2 500 units @ 23 11,500 Goods available for sale $ 32,500 There are 700 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multiple Choice $6,000 $11,500 $14,400 $15,900

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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.