Suppose that Sheridan, Inc. reported ending inventory at December 31, 2025 of $1032000 under LIFO. It also reported a LIFO reserve of $181000 at January 1, 2025, and $258000 at December 31, 2025. Cost of goods sold for 2025 was $4214000. If Sheridan had used FIFO during 2025, its cost of goods sold for 2025 would have been O $4137000 O $4472000 O $3956000 O $4291000

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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.