Exercise 6-54 Inventory Costing Methods Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory 22 $400   Purchase 1, Feb. 24 130 370   Sale 1 145     Purchase 2, July 2 180 330   Purchase 3, Oct. 31 90 250   Sale 2 265     All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system. Required: Compute the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)   FIFO LIFO Average Cost Cost of ending inventory $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cost of goods sold $fill in the blank 4 $fill in the blank 5 $fill in the blank 6

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A: Solution: (1).

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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.