lculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 28 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.)   Date Units purchased Cost per unit Total cost   January 1   46     $ 6.60     $ 303.60     April 1   36       6.60       237.60     June 1   58       5.60       324.80     September 1   51       6.60       336.60     Total   191             $ 1,202.60

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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.