Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1100 gallons @ $7.4 per gallon = $8,140 Purchases: Mar. 10 Mar. 16 Mar. 23 620 gals @ $7.45 820 gals @ $7.50 620 gals@ $7.55 Sales: Mar. S Mar. 14 Mar. 20 Mar, 26 420 gals 720 gals 520 gals 720 gals Ending inventory assuming LIFO in a perpetual inventory system would be

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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.