ABC had the following data for the month of March: Beginning inventory March 1 286 units at $15 per unit March 19 purchase 214 units at $25 per unit March 27 purchase 208 units at $28 per unit On March 31, 310 units are still on hand. Determine the cost of goods sold for March if ABC uses the FIFO method. O $8674 $10,620 O $7090 $8680

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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.