Concord Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 (a) (61) 400 units (b2) 250 units at The ending inventory at $25 Concord Company uses a periodic inventory system. Sales totaled 1,050 units. The cost of goods sold $22 Sept. 4 eTextbook and Media $ Dec. 2 Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, eg 1,250) $ 320 units FIFO 15698 at $27 100 units at $29 $ LIFO $ S AVERAGE-COST

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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.