Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 25 units for $25 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Purchases: December 7 December 14 December 21 15 units @ $10.00 cost 30 units @ $15.00 cost 25 units @ $17.00 cost Goods Available for Sale # of units Cost per unit Periodic FIFO: Cost of Goods Available for Sale # of units sold Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit # of units in ending inventory $ 0.00 0.00 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.