NOVA Sports Inc. has the following data for inventory for June: Units Unit Cost Total Cost June 1 Beginning inventory 30 $18 $540 June 14 Purchases 25 $20 $500 June 23 Purchases 45 $22 $990 100 $2,030 Records show that 90 units were sold in June. The company uses the average cost method. What is the value of ending inventory as of June 30? (Round the weighted-average unit cost to three decimal places [e.g. 21.041]. Round your answer to two decimal places [e.g. 21.04]. Do not include dollar signs or commas in your answer. )

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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.