Square9 Corporation has provided the following information about one of its laptop computers: Number of Cost per Units 120 220 320 210 During the year, Square9 sold 800 laptop computers. What was cost of goods sold using the LIFO cost flow assumption? Transaction Beginning Inventory Date 1/1 5/5 Purchase 8/10 Purchase 10/15 Purchase Multiple Choice $400,500. $405,000. $400,000. $410,500. Unit $420 $470 $520 $570

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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.