Sully Company's inventory records for the most recent year contain the following data: (Click the icon to view the data.) Sully Company sold a total of 18,500 units during the year. Read the requirements. Requirement 1. Using the average-cost method, compute the cost goods sold and ending inventory for the year. (Round the average cost per unit to the nearest cent.) Average-cost method cost of goods sold = Average-cost method ending inventory = Data table Beginning inventory Purchases during year Print - X Quantity Unit Cost 4,000 $ 8.00 16,000 $ 10.00 Done

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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.