dorothy corporation had beginning inventory of 11 units at a cost of $20 each on march 1. on march 2, the entity purchased 11 units at $34 each. On March 6 it purchased 5 units at $25 each. On March 8, it sold 25 units for $68 each. Using the FIFO perpetual inventory method, what was the cost of the 25 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.