Taco Hell Inc. had the following balances and transactions during 2017: Beginning Merchandise Inventory 15 units at $90 March 10 old 13 units June 10 purchased 30 units at $87 October 30 old 25 units . What is the amount of the company's Merchandise Inventory and coGs as disclosed in the December 31,2017 balance sheet, using the periodic LIFO inventory costing method?

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A:

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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.