Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory.                                               units    cost/unit        total Cost Inventory, Dec. 1 -                300        250               75000 Purchases, Dec. 8 -              600       275                 165000                                               900                                240000  Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.

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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.