Beginning inventory, purchases, and sales data for T-shirts are as follows: 24 units @$10 April 3 Inventory April 11 Purchase 26 units @ $12 April 14 Sale 36 units April 21 Purchase 18 units @ $15 April 25 Sale 20 units Assuming the business maintains a periodic inventory system, determine the cost of goods sold and ending inventory using the following methods: a. FIFO b. LIFO c. Weighted average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar. Cost of goods sold Ending inventory FIFO LIFO Weighted Average Cost

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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.