company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on ctober 15 after the sale? Date: October 11 Beginning inventory Purchase Purchase October 5 October 12 October 15 Sales Multiple Choice $780 $240 $450 $1,310 Activities Units Acquired at Cost 15 units @ $28 - $420 10 units @ $29 - $290 20 units @ $30-$600 Units Sold at Retail 30 units sold

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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.