Pharoah CDs has the following inventory data: Nov. 1 8 17 25 Inventory Purchases Purchases O $1436. O $1508 O $708. O $780 Purchases 40 units @ $6.00 each 128 units @ $6.50 each 64 units @ $6.50 each 104 units @ $7.00 each A physical count of merchandise inventory on November 30 reveals that there are 112 units on hand. Cost of goods sold under LIFO is (rounded to whole dollars)

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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.