Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Activity Units Purchase Price (per unit) Sale Price (per unit) Beginning inventory 110 $7.10       Purchase 1, Jan. 18 575 7.20       Sale 1 380     $12.00   Sale 2 225     12.00   Purchase 2, Mar. 10 680 7.50       Sale 3 270     12.00   Sale 4 290     12.50   Purchase 3, Sept. 30 230 7.70       Sale 5 240     12.50     Required: 1.  Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3.

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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.