The inventory data for an item for November are: Line Item Description Inventory Sold Purchased Sold Purchased Date Nov. 1 4 10 17 30 Units and Cost 19 units at $23 9 units 32 units at $21 25 units a. $962 b. $732 c. $752 d. $840 23 units at $21 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO?

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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.