Shirley, Inc. had the following information regarding 2016 inventories:     Units Price Amount January 1 2016 Inventory 1,000 $6.00 $    6,000 March 8, 2016 purchase 2,000 $7.00     14,000 August 17, 2016 purchase 3,000 $8.00     24,000           Total 6,000   $44,000   During 2016, Shirley sold 2,000 units for $10.00 each.  Shirley adopted the LIFO method with a periodic inventory system.  Determine cost of 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.