In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 155 units at $6 (2) 510 units at $7, and (3) 100 units at $8. Assuming there are 360 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Sunland uses a periodic inventory system. (a) (b) Cost of the ending inventory $ Cost of the ending inventory $ eTextbook and Media 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.