Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 35 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.)   Date Units purchased Cost per unit Total cost January 1 50 $ 7.50   $ 375.00   April 1 45   6.75     303.75   June 1 60   6.50     390.00   September 1 55   7.00     385.00   Total 210       $ 1,453.75             Cost of goods sold Ending inventory FIFO     LIFO     Average Cost

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Q: lculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO…

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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.