Pink Company has beginning inventory of 24 units at a cost of $12.00 each on May 1. On June 5, it purchases 16 units at $14.00 per unit. On June 12 it purchases 19 units at $17.00 per unit. On June 15, it sells 37 units for $32 each. Using the LIFO perpetual inventory method, what is the value of the inventory on June 15 after the sale?

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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.