The following information was available from the inventory records of Concord Company for January: Balance at January 1 Purchases: January 6 January 26 Sales January 7 January 31 Balance at January 31 Units O $50008. O $51276 O $50121. O $50578. 8800 6300 8100 (7400) (10900) 4900 Unit Cost Total Cost $9.74 $85712 10.26 10.67 64638 86427 Assuming that Concord maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average- inventory method? (Round average cost per unit to 3 decimal places, e.g. 1.485.)

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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.