Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning inventory (January 1) Purchase (January 11) Purchase (January 20) Total Multiple Choice Quantity 23 $1,167. 22 33 78 $1,227 Unit Cost $ 21 $ 27 $ 29 -On January 14, Beech Soda, Incorporated sold 35 units of this product. The other 43 units remained in inventory at January 31. Total Cost $ 483 Assuming that Beech Soda uses the LIFO cost flow assumption, the 43 units of this product in inventory at January 31 have a total cost of: 594 957 $ 2,034

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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.