Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. Beginning inventory Mar. 7 Purchase July 28 Purchase Jan. 1 Oct. 3 Purchase Dec. 19 Purchase Totals 300 units Specific (a) identification (b) Weighted average (c) FIFO (d) LIFO 640 units 1,280 units 1,160 units 720 units 4,100 units @ $6.00 @ $6.25 @ $6.50 @ $7.00 @ $8.90 Ending Inventory = $ 1,800 4,000 8,320 8,120 6,408 $28,648 Cost of Goods Sold = Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) = =

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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.