Hanover Lighting had a beginning inventory of 15 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 August 11 August 23 Purchases 1. 2. 20 units at $8 30 units at $9 25 units at $10 Hanover uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. Ending inventory Sales Cost of goods sold August 2 August 10 August 19 August 21 10 units 15 units 45 units 15 units FIFO LIFO

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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.