Fairfax Company uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep 1 Inventory 4 Sold 10 Purchased 17 Sold 25 units at $18 per unit 12 units 28 units at $23 per unit 30 units 9 units at $22 per unit 30 Purchased Enter answers as whole numbers If Fairfax Company uses FIFO, the cost of the ending merchandise inventory on Sep 30 is? If Fairfax Company uses LIFO, the cost of the ending merchandise inventory on Sep 30 is? If Fairfax Company uses Weighted Average, the cost of the ending merchandise inventory on Sep 30 is?

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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.