E January 1, 2025 (beginning inventory) Purchases: January 5, 2025 January 25, 2025 February 16, 2025 March 15, 2025 (a) Units Your answer is partially correct. Unit Cost 2,200 $22.00 2,700 $24.00 $25.00 $26.00 2,600 $27.00 2,400 1,300 A physical inventory on March 31, 2025, shows 3,000 units on hand. Prepare schedules to compute the ending inventory at March 31, 2025, under FIFO method.

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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.