Johnson Company reports the following inventory information for beginning inventory, purchases, and sales for the month of January, 2020. ​ Beginning inventory 160 units @ $250 Sale 120 units First purchase 400 units @ $260 Sale 300 units Second purchase 350 units @ $265 Sale 290 units ​ The firm uses the perpetual inventory system and there are 200 units of the item on hand at the end of the year.     1a.What are the total cost of merchandise sold and total cost of ending inventory according to FIFO method?   1b.What are thetotal cost of merchandise sold and total cost of ending inventory according to LIFO method?   1c.What are thetotal cost of merchandise sold and  total cost of ending inventory according to Weighted Average method?

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A:

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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.