The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January 1, 2022; 5,000 balls @ P20 Purchases: January 10, 2022; 3,200 balls @ P25 January 15, 2022; 5,000 balls @ P28 Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200 balls If Wrecking Ball uses a periodic inventory system, the cost of the inventory using first-in, first-out cost flow assumption at January 31, 2022 is?

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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.