Sarasota Company began operations on July 1, 2015, and has used the average-cost method of inventory valuation since its inception. In 2019, it decides to switch to the FIFO method. You are provided with the following information: 2015 2016 2017 2018 Net Income Under Average-Cost $56,000 119,000 164,000 111,000 Under FIFO $60,000 129,000 188,000 116,000 Retained Earnings (Ending Balance) Under Average Cost $57,000 184,000 305,000 416,000

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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.