(Question EX 7-11 Immediate Accounting I 16E Textbook page 380) Assume the business below maintains a perpetual inventory system.  Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the LIFO method. (Present the data in the form illustrated in Exhibit 4) Jan. 1                    Inventory         4,000 units at $20 April 19                Sale                  2,500 units June 30                 Purchase         6,000 units at $24 Sept. 2                  Sale                 4,500 units Nov. 15               Purchase           1,000 units at $25

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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.