ABC Company, in its first month of operations made the following inventory purchases. A physical count of inventory on 6/30 revealed that there are 250 units on hand. Using the LIFO inventory method, the value of the ending inventory on 6/30 is a) $1.365 6/1 6/10 6/15 6/28 b) $1.500. C) $1.620. Od) $1.650. 150 units x 5.20 200 units x 5.85 200 units x 6.30-1,260 150 units x 6.60 - 990 700 4,200 $780 1.170

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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.