AAA Company uses a periodic inventory system and has the following information regarding its inventory Beginning inventory Purchase on January 25 Purchase on March 15 350 units 16 $5.600 450 units i 17 7,650 6,300 10,450 350 units 18 Purchase on October 2 550 units 19 Goods available for sale $30,000 There are 750 units in ending inventory. What is the amount of the ending inventory using the FIFO method? Multipie Choice $10,450 $13,250 $14,050

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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.