Beginning inventory, purchases, and sales data for tennis rackets are as follows: April  3   Inventory 19 units @ $17   11   Purchase 13 units @ $18   14   Sale 18 units       21   Purchase 9 units @ $20   25   Sale 12 units     Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO.   Purchases   Cost of Goods Sold   Inventory Date Qty. Unit Cost Total Cost   Qty. Unit Cost Total Cost   Qty. Unit Cost Total Cost April  3                 fill in the blank 1 $fill in the blank 2 $fill in the blank 3        11 fill in the blank 4 $fill in the blank 5 $fill in the blank 6           fill in the blank 7 $fill in the blank 8 $fill in the blank 9                   fill in the blank 10 $fill in the blank 11   fill in the blank 12        14         fill in the blank 13 $fill in the blank 14 $fill in the blank 15   fill in the blank 16 $fill in the blank 17 $fill in the blank 18           fill in the blank 19 $fill in the blank 20   fill in the blank 21                21 fill in the blank 22 $fill in the blank 23 $fill in the blank 24           fill in the blank 25 $fill in the blank 26 $fill in the blank 27                   fill in the blank 28 $fill in the blank 29   fill in the blank 30        25         fill in the blank 31 $fill in the blank 32 $fill in the blank 33   fill in the blank 34 $fill in the blank 35 $fill in the blank 36           fill in the blank 37 $fill in the blank 38   fill in the blank 39                   Total Cost of goods sold $fill in the blank 40   Ending inventory value $fill in the blank 41

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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.