Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory metho Units Acquired at Cost 15 units @ $32 = $480 8 units @ $37 = $296 Date June 1 June 15 June 29 The cost of the ending inventory is: Multiple Choice O Beginning inventory Sale Purchase $296 $376 Activities $584 $395 Units Sold at Retail 6 units @ $62 4

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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.