The following inventory data are available for the company: Transactions                                Units                    Unit Cost Beg. Inventory 1/1/2020                700                        $22  Purchase in February                    600                        $20  Purchase in July                            700                        $18 A count of inventory at year end (12/31/2020) revealed that 600 units remained on hand in ending inventory.  What was the cost of goods sold and ending inventory for the year using the first-in, first-out (FIFO) inventory method?

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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.