Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date   Description Units Purchased at Cost Units Sold at Retail June 1   Beginning Inventory 150 units @ $9 = $1,350   9   Purchase 1 200 units @ $12 = $2,400   14   Sale 1   300 units @ $25 22   Purchase 2 250 units @ $14 = $3,500   29   Sale 2   225 units @ $25 Assume that Filimonov Inc. uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold $ Cost of ending inventory $

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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.