Date August 1 August 5 August 10 August 15 August 25 Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 Date August 5 Total August 5 August 10 August 15 Total August 15 August 25 Activities Beginning inventory Purchase Sale Purchase Sale Total August 25 Units Acquired at Cost 230 units @ $10 = $2,300 170 units @ $12 $2,040 200 units @ $13 = $2,600 Goods purchased Number of Cost per units unit Number of units sold Units Sold at Retail = Cost of Goods Sold Cost per Cost of Goods unit Sold 190 units sold 180 units sold Number of units Inventory Balance Cost per unit Inventory Balance

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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.