Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 October 13 October 20 October 28 Sale October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Ending inventory Cost of goods sold Purchase Units Unit Cost 6 $740 750 760 770 6453477 Total Cost $ 4,440 3,750 3,040 5,390 $16,620 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

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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.