! Required information [The following information applies to the questions displayed below.] Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Units 6 Unit Cost $ 810 Total Cost $ 4,860 4,100 3,320 5,880 $ 18,160 Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Ending inventory Cost of goods sold Sale Purchase Sale Purchase Sale Purchase $ $ 4 5 3 4 7 7 6,690 11,470 820 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. 830 840

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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.