Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date May 1 Beginning Inventory 5 Purchase Activities 10 15 24 Sales Sales Purchase Units Acquired at Cost 230 units @ $18 260 units @ $20 140 units @ $21 Units Sold at Retail 180 units @ $28 130 units @ $29

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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.