Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below: 1. If Miller Inc. uses a FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as? 2. If Miller Inc. uses a LIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as?

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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.