Pam's Creations had the following sales and purchase transactions during Year 2023. Beginning inventory consisted of 240 items at $94 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date 5 March 10 April 19 June 16 September 28 November Transaction Purchased Sold Sold Purchased Sold Description 260 items @ $105 160 items @ $212 300 items @ $212 260 items @ $115 200 items @ $218 Required: Calculate cost of sales and gross profit by using the FIFO inventory costing method.

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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.