If Comcast is upgrading its cable boxes and has 550 obsolete boxes in ending inventory. Beginning inventory and purchases Beginning inventory: January 1 March 1 Boxes Box cost Total cost 14,500 $5 $ 72,500 33,000 115,000 5,500 6 June 1 1,500 1,000 1,100 23,600 September 1 December 1 FIFO LIFO Weighted average 10 13 22 What is the cost of ending inventory using FIFO, LIFO, and the weighted-average method? Note: Round your intermediate calculations to 2 decimal places and final answers to the nearest dolla amount. Ending inventory 13,000 24,200 $ 157,700

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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.