The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year Transaction Units Cost per Unit 175 586 54 135 100 1-Jan. Balance 14-Mar Sale 23-May Purchase 21-Aug. Sale 5-Nov. 18-Nov. Sale 30-Nov. Sale 5-Dec. Sale 10-Dec. Purchase Required: Compute the cost of goods sold and ending inventory using the perpetual eventory system for the LIPO cost flow assumption Purchase Ending inventory Cost of goods sold 171 100 100 100 25 00 91 95

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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.