Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,350 gallons @ $7.9 per gallon = $10,665 Purchases: March 10 March 16. March 23 Sales: March 5 March 14 March 201 March 26 470 gallons 770 gallons 570 gallons 770 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: 670 gallons@ $7.95 870 gallons@ $8.00 670 gallons@ $8.05

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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.