Beginning inventory, purchases, and sales for Item Zeta are as follows Oct. 1 Inventory 75 units s20 Saie 53 unts 15 Purchase 63 units s22 24 Sale 26 units Assuming a perpetual inventory system and using the frst-in, first-out (FIFO) method, determine (a) the cost of goods soid on October 24 and (0) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31

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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.