Sheridan Company's inventory records show the following data: Units Unit Cost 10500 $9.20 8700 8.00 November 8 6200 7.00 Inventory: January 1 Purchases: June 18 A physical inventory on December 31 shows 4200 units on hand. Sheridan sells the units for $12 each. The company has an effective tax rate of 24%. Sheridan uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? O $83440

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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.