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 200 units @ $10 = $2,000   9 Purchase 1 300 units @ $12 = $3,600   14 Sale 1   400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500   29 Sale 2   225 units @ $25 Assume that Filimonov uses a perpetual inventory system.   Figure cost of goods sold to 2 decimal places Figure cost of ending inventory to 2 decimal places

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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.