Pharoah Company uses the periodic inventory system to account for inventories. Information related to Pharoah Company's inventory at October 31 is given below: October   1   Beginning inventory   360 units @  $ 8.00 =   $ 2,880       8   Purchase   720 units @  $ 9.00 =   6,480       16   Purchase   540 units @  $ 10.00 =   5,400       24   Purchase   180 units @  $ 12.00 =   2,160               Total units and cost   1,800 units         $ 16,920   Value the ending inventory using the FIFO cost assumption if 530 units remain on hand at October 31.     Value the ending inventory using the LIFO cost assumption if 530 units remain on hand at October 31.

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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.