ABC company started its operations this year and began with no inventory on hand. It provided the following details of the purchases made during the month of January Date 1-Jan 15-Jan 28-Jan $7,470 $6,570 $7650 Units The company uses weighted-average method of inventory valuation to value its inventory. At the end of the month, the ending inventory on hand is 900 units. Assuming the periodic inventory system, compute the value of the ending inventory for the month $7,830 300 450 750 Unit price $7 $8 $9

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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.