Sunny's Tanning Beds Inc. uses the periodic inventory system and has provided the following information: Date Transaction Number of Units Cost Per Unit 1/1 Beginning Inventory 410 $205 4/2 Purchase 130 $215 9/15 Purchase 50 $220 During the year, Sunny sold 520 Tanning Beds.What was the ending inventory using the LIFO cost flow assumption? $69,700 $11,000 $14,350 $15,400

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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.