Inventory Costing Methods—Periodic Method  The following information is for the Bud Company for the year; the company sells just one product:       Units Unit Cost Beginning Inventory   200 $10 Purchases: Feb. 11 500 14   May 18 400 16   Oct. 23 100 22   At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method. Do not round until your final answers. Round your answers to the nearest dollar. A. First-in, First-out:     Ending Inventory Answer     Cost of goods sold Answer   B. Last-in, first-out:     Ending Inventory Answer     Cost of goods sold Answer   C. Weighted Average     Ending Inventory Answer     Cost of goods sold Answer

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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.