Assume Store.com began September with 12 units of inventory that cost a total of $ 240. During September, Store.com purchased and sold goods as follows: Sep. 8 Purchase 36 units @ $21 Sep. 14 Sale 30 units @ $42 Sep. 22 Purchase 24 units @ $23 Sep. 27 Sale 36 units @ $42Under the FIFO inventory costing method and the perpetual inventory system, how much is Store.com's cost of goods sold for the sale on September 14?

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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.