K-tel Industries had the following activity with one of its inventory items during the current period: Units Unit Cost Beginning inventory 30 Purchase December 5 80 Sale December 11 (40) Purchase December 17 60 Sale December 26 (70) $8.00 10.50 $975. O $1,080. O $1,175. $1,300. 12.00 Using a perpetual inventory system and the FIFO cost formula, the cost of goods sold was

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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.