Concord Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 Units Unit Cost O $36000 O $48700 O $31500 O $40500 9800 8500 6400 $9.00 8.00 7.00 A physical inventory on December 31 shows 4500 units on hand. Concord sells the units for $13 each. The company has an effectiv tax rate of 18%. Concord uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at

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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.