Crane Company sells one product and uses a perpetual inventory system. The beginning inventory consisted of 83 units that cost $19 per unit. During the current month, the company purchased 478 units at $21 each. Sales during the month totaled 355 units for $45 each. What is the number of units in the ending inventory? 123 units. 206 units. 561 units. 83 units.

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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.