The following information is for the inventory of mini-kettles at Concord Company Limited for the month of May. Date   Transaction   Units In   Unit Cost   Total   Units Sold   Unit Price   Total May 1     Balance   140     $4.40     $616                     6     Purchase   800     4.40     3,520                     7     Sale                     350       $7.20   $2,520   10     Sale                     350       7.40   2,590   12     Purchase   410     4.60     1,886                     15     Sale                     220       7.80   1,716   18     Purchase   310     4.80     1,488                     22     Sale                     410       8.00   3,280   25     Purchase   550     4.60     2,530                     30     Sale                     220       7.60   1,672        Totals 2,210           $10,040     1,550           $11,778       Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO. Ending inventory   $                          Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under moving-average. (Round unit cost to 3 decimal places, e.g. 52.752 and final answer to 2 decimal places, e.g. 52.75.) Ending inventory   $

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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.