Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2023. Beginning Inventory Feb. 10 purchased Feb. 20 sold Mar. 13 purchased purchased Sept. 5 Oct. 10 sold 320 units @s 88/unit 235 units @s 92/unit 400 units @$ 168/unit 86/unit 257 units @$ 285 units @$ 72/unit 540 units @$ 168/unit Gale Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending Inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.) a FIFO b Moving weighted average Ending Inventory Cost of Goods Sold

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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.