Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning inventory 90 units @ $36 each May 6      Sold 75 units @ $50 each May 15    Purchased 125 units @ $38 each May 24    Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system?    Please show calculations in order to receive credit.

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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.