The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units. 10 Purchased 30 units at $20 17 Sold 20 units 30 Purchased 10 units at $22 Using a perpetual system, what is the cost of goods sold for November if the company uses the weighted average cost method? a. $590 b. $575 Oc. $610 Od. $585

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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.