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 480 units-160 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 260 units @ $3.20-$ 560 units $3.45- 1,200 units @ $3.70- 1,080 units @ $5.20- 560 units # $6.50- 3,660 units (a) Specific identification (b) Weighted average (c) FIFO (d) |LIFO (a-d) 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.) Ending Inventory $ 2,464.00 832 1,932 4,440 5,616 3,640 $16,460 Cost of Goods Sold

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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.