TB MC Qu. 05-160 (Algo) Salmone Company reported... Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Activities Units Acquired at Cost 160 units @ $10 = $1,600 230 units @ $12 = $2,760 110 units @ $13 = $1,430 Units Sold at Retail 150 units @ $20 100 units @ $21

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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.