On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750 units at a total amount of P7,500 January 7 Bought 5,100 units at a total amount of P5,850 January 15 Bought 7,600 units at a total amount of P6,300 January 25 Bought 6,600 units at a total amount of P4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Using the FIFO inventory method, what is the value of the ending inventory on January 30?

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A:

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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.