Window Help Meeting 5.pdf (page 7 of 7)Y 3. ABC Company has the following inventory information: Nov. 1: Inventory 45 units @ €6.00 per unit Nov. 8: Purchase 180 units @ €6.45 per unit Nov. 17: Purchase 90 units @ €6.30 per unit Nov. 25: Purchase 135 units @ €6.60 per unit A physical count of the inventory on November 30 reveals that there are 150 units on hand. Ending inventory under FIFO is closest to: A) €948 B) €1,902 C) €1,941 D) €986 Sjun 001 MacBook Air

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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.