The following information relates to Pharoah Kitchen Ltd.'s inventory transactions during the month of March. Mar. 1 Beginning inventory 7 12 16 18 27 29 (a1) Sale Purchase Purchase Sale Purchase Sale Cost of goods sold $ Gross margin Units Ending inventory 8,100 $ 5,400 All of the units sold were priced at $65 per unit. $ 3,375 1,080 3,375 5,400 4,725 Cost/Unit Pharoah Kitchen Ltd. uses the perpetual inventory system. $18.00 $19.80 $19.80 Calculate Pharoah Kitchen's cost of goods sold, gross margin, and ending inventory for the month of March using FIFO. Amount $145,800 $66,825 $21,384 $25.00 $135,000

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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.