Date Item Quantity Unit Cost Nov. 1 Balance $ 53 24 Sale 20 Purchase 30 70 17 Sale 30 30 Sale 2

Q: 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31.

A: Note Total of Issue column represents cost of goods sold

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Q: Required information [The following information applies to the questions displayed below]…

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A: Explained above.

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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.