Date Purchases Sales   Units Cost/Unit Units Jan. 1 100 $0.80    Jan. 4 390 0.90   Jan. 5     280 Jan. 10 280 1.00   Jan. 12     200 Jan. 15 190 1.10   Jan. 18 500 1.30   Jan. 22     770 Jan. 27     110 Jan. 31 310 1.50   Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method

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Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 180 units…

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A:

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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.