Current Attempt in Progress Sheridan Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 77 units that cost $20 per unit. During the current month, the company purchased 485 units at $20 each. Sales during the month totaled 356 units for $46 each. What is the cost of goods sold using the LIFO method? $9700. $1540. $16376. O $7120.

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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.