Inventory data for Concord Company are reported as follows. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $6 Purchase Purchase Inventory 300 700 540 150 7 8 Total Cost $1,800 4,900 4,320 Assume a sale of 790 units occurred on June 15 for a selling price of $10 and a sale of 600 units on June 27 for $9.

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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.