Emily Corporation reports the following beginning inventory and purchases for 2019 Beginning inventory 400 @ $12 each $4,800 Inventory purchased 600 @ $14 each 8,400 Cost of goods available 1,000 units     $13,200 inventory reported on its 2019 balance sheet under each of the following inventory costing methods: Sells 600 of these units in 2019. Compute its cost of goods sold for 2019 and the ending as per FIFO & LIFO

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A: Answer:

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Q: Ending inventory Cost of goods sold

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A: The solution are as follows

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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.