During June, the following changes in inventory item 27 took place: June 1 Balance 1,300 units @ $35 14 Purchased 900 units @ $54 24 Purchased 680 units @ $46 8 Sold 340 units @ $71 10 Sold 960 units @ $62 29 Sold 490 units @ $65 Perpetual inventories are maintained. (a) × Your answer is incorrect. What is the cost of the ending inventory for item 27 under the FIFO method? Cost of the ending inventory $ 38980

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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.