Required Information [The following information applies to the questions displayed below.) The following information pertains to Mason Company for Year 2. Beginning inventory Units purchased Ending inventory consisted of 70 units. Mason sold 572 units at $174 each. All purchases and sales were made with cash. Operating expenses amounted to $4,425. 172 units @ $58 470 units @ $87 c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Ending Inventory

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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.