Flat TV uses a perpetual inventory system. Shown below are Flat TV's beginning inventory of a particular product and purchases during January: ​ Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 6 $195 $1,170 Purchase (Jan. 6) 12 $225 2,700 Purchase (Jan. 25) 12 $230 2,760   Total 30 ​ $6,630   On January 23 (prior to the purchase on January 25), Flat TV sold 13 units of this product at $ 300 each Determine following Items and write into provided Box (Ignore Currency input in box) a) The cost of goods sold relating to the sale on January 23 under FIFO Method  b) The Inventory at end of January under FIFO Method  c) Gross Profit under FIFO Method  d) The Cost of Goods Sold related to sale on January 23 under Moving Average Method  e) The Inventory at end of January under Moving Average Method  c) Gross Profit under Moving Average Method

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A:

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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.