The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.     Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $28 $   840   Sale No. 1       20 Purchase No. 1 50 40 2,000   Sale No. 2       40 Purchase No. 2 20 44    880 __ Totals 100   $3,720 60 Assuming Delacour, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: Select one: A. $1,480 B. $1,120 C. $1,760 D. $1,600

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Q: s

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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.