Oriole Company uses the periodic inventory method and had the following inventory information available: 1/1 Beginning Inventory Purchase 1/20 7/25 10/20 1 2 3. 4. (a) Purchase Purchase 4. (b) Units 110 440 220 330 1,100 Unit Cost $4 $5 $6 $7 Total Cost A physical count of inventory on December 31 revealed that there were 530 units on hand. Answer the following independent questions. (Round average per unit cost to 2 decimal places, eg. 15.25 and other answers to O decimal places, eg. 1,525.) $440 2,200 Would income have been greater or less? 1,320 2,310 $6,270 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method ins

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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.