During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Units Date January 1 September 8 Transaction Beginning inventory Purchase 15 10 25 Unit Cost Total Cost $60 62 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. $900 620 $1,520

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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.