The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 96 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is O $1190. O $1172. O $602. O $584.

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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.