Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory 22 $400   Purchase 1, Feb. 24 130 370   Sale 1 145     Purchase 2, July 2 180 330   Purchase 3, Oct. 31 90 250   Sale 2 265     All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system.  How do you find the Cost of Inventory and Cost of Goods Sold using the Average Cost method? (Round per-calcualtions to 4 decimal place, other answers to the nearest dollar)

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A:

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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.