TB EX Qu. 6-214 (Algo) During 2024, a company sells... During 2024, a company sells 480 units of inventory for $89 each. The company has the following inventory purchase transactions for 2024: Number of Unit Date January 1 May 5 November 3 Transaction Beginning inventory Purchase Purchase Units 75 Cost $72 Total Cost $5,400 265 73 19,345 189 529 75 14,175 $38,920 Calculate cost of goods sold and ending inventory for 2024 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) > Answer is not complete. Cost of goods sold Ending inventory $ 35,389 ×

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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.