Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Units Acquired at Cost 190 units@ $52.80 per unit 270 units @ $57.80 per unit Date April 1 April 4 April 8 April 17 April 24 April 28. Activities Beginning inventory Purchase. Sales Purchase. Purchase Sales Totals 130 units @ $62.80 per unit. 240 units @ $64.80 per unit. 830 units Units Sold at Retail 350 units@ $87.80 per unit 220 units@ $97.80 per unit. 570 units. 4. Compute gross profit earned by the company for each of the three costing methods. (Round weighted average cost per unit to two

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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.