Ace Supply Inc. just began business and made the following four inventory purchases in June: June 1 150 units $990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 $4,764 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

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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.