The following inventory transactions took place for Pharoah Corporation for the month of May Transaction May 1 Beginning inventory May 5 Purchase May 10 Purchase May 15 Sale May 20 Sale May 22 Purchase May 24 Purchase May 25 Sale Dete Quantity 4,000 3,000 3,000 5,000 3,000 3,500 2,500 5,000 (b) Calculate the cost of goods sold Sent/Selling Price $3.10 53.30 $3.40 $5.60 $5.60 $3.60 $3.60 $5.60 Instructions: Assuming that Pharoah uses a perpetual Inventory nystem and the movine-vers al Calculate the ending Inventory balance

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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.