Date November 1 November 2 November 8 November 12 Activities Beginning inventory Purchase Sales Purchase Units Acquired at Cost 5 units @ $42 = $210 10 units @ $44 = $440 Units Sold at Retail 12 units @ $76 6 units @ $47 = $282 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?

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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.